Main reasons to start your Chapeltown lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chapeltown property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Chapeltown. Inevitably, the length of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Eligible leaseholders in Chapeltown have the legal entitlement to extend the lease for a further 90 years under statute. Do give due attention before delaying your Chapeltown lease extension. Holding off the cost now only increases the price you will ultimately have to pay to extend your lease

Chapeltown property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage on a short lease

Mortgage companies are really restricting their approach as regards to homes in Chapeltown with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

Why use us for your lease extension in Chapeltown?

Regardless of whether you are a tenant or a landlord in Chapeltown,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Chapeltown valuers.

Chapeltown Lease Extension Case Summaries:

Millie, Chapeltown, Leeds,

Trailing lengthy negotiations with the freeholder of her studio apartment in Chapeltown, Millie started the lease extension process just as her lease was approaching the critical 80-year mark. The lease extension was finalised in September 2014. The landlord’s costs were kept to an absolute minimum.

Chapeltown case:

Dr E Alexander owned a ground floor apartment in Chapeltown in January 1998. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Similar premises in Chapeltown with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £45 billed yearly. The lease ran out in 2097. Given that there were 71 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of professional charges.

Chapeltown case:

Mrs Melissa Turner bought a basement apartment in Chapeltown in October 2004. We are asked if we could approximate the price could be for a ninety year lease extension. Similar properties in Chapeltown with an extended lease were in the region of £225,800. The mid-range amount of ground rent was £60 invoiced annually. The lease concluded in 2086. Given that there were 60 years remaining we approximated the compensation to the freeholder to extend the lease to be within £23,800 and £27,400 plus professional charges.