Why you should start your Catterick Garrison lease extension

Why you should commence your Catterick Garrison lease extension today:

A Catterick Garrison leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Catterick Garrison you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not lend with a short lease

The propensity since 2008 has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Catterick Garrison lease extensions?

The conveyancers that we work with undertake 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 conveyancing solicitor we work with provide it.

Catterick Garrison Lease Extension Example Cases:

Ryan, Catterick Garrison, North Yorkshire

Last Spring Ryan, started to get near to the eighty-year threshold with the lease on his first floor apartment in Catterick Garrison. Having purchased his property two decades ago, the lease term was of minimal importance. As luck would have it, it dawned on him that he needed to take action soon on a lease extension. Ryan arranged for a lease extension at the eleventh hour last March. Ryan and the landlord ultimately settled on sum of £6,000 . If he failed to meet the deadline, the amount would have gone up by at least £1,000.

Catterick Garrison case:

Dr Jude Robinson purchased a garden flat in Catterick Garrison in July 1997. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Catterick Garrison with an extended lease were valued around £208,200. The average ground rent payable was £65 billed every twelve months. The lease lapsed in 2087. Taking into account 61 years outstanding we estimated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 not including expenses.

Catterick Garrison case:

Last Summer we were called by Ms C Young , who moved into a one bedroom flat in Catterick Garrison in October 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Catterick Garrison with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 collected annually. The lease elapsed in 2098. Considering the 72 years outstanding we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including costs.