Why you should start your Catterick Garrison lease extension

Top reasons for lease extension now:

Increase your lease and increase your Catterick Garrison property value

The market value of Catterick Garrison leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not loan monies with a short lease

Many banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be conscious that it is probable that someone intending to acquire your property in the future might well do, so in the event that they are not able to get a mortgage, then the market price of your property could be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Catterick Garrison?

The conveyancing solicitors that we work with procure Catterick Garrison lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Catterick Garrison Lease Extension Case Studies:

Kyle, Catterick Garrison, North Yorkshire

Last year Kyle, started to get near to the 80-year threshold with the lease on his purpose- built flat in Catterick Garrison. Having purchased his property 18 years ago, the length of the lease was of minimal significance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Kyle was able to extend his lease at the eleventh hour last June. Kyle and the freeholder via the managing agents subsequently settled on a premium of £6,000 . If he not met the deadline, the figure would have increased by a minimum £975.

Catterick Garrison case:

In 2011 we were e-mailed by Dr David Clark who, having completed a ground floor flat in Catterick Garrison in March 2006. The dilemma was if we could approximate the premium would be to prolong the lease by 90 years. Comparable properties in Catterick Garrison with a long lease were in the region of £166,400. The mid-range amount of ground rent was £60 collected every twelve months. The lease expiry date was on 16 June 2080. Having 54 years outstanding we calculated the premium to the freeholder to extend the lease to be between £32,300 and £37,400 plus professional charges.

Catterick Garrison case:

In 2009 we were phoned by Dr K Taylor who, having moved into a ground floor flat in Catterick Garrison in June 2004. We are asked if we could approximate the price would be for a 90 year extension to my lease. Identical properties in Catterick Garrison with 100 year plus lease were valued around £227,800. The mid-range ground rent payable was £45 billed every twelve months. The lease expired on 6 November 2091. Taking into account 65 years outstanding we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.