Main reasons to start your Cleckheaton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Cleckheaton property value

On the balance of probabilities if you own a flat in Cleckheaton you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Cleckheaton with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not finance a property on a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Cleckheaton?

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

Cleckheaton Lease Extension Case Studies:

Tyler, Cleckheaton, West Yorkshire

In 2014 Tyler, came dangerously close to the eighty-year threshold with the lease on his two bedroom flat in Cleckheaton. Having purchased his home 18 years ago, the length of the lease was of little concern. Luckily, he realised he needed to take steps soon on Extending the lease. Tyler arranged for a lease extension just ahead of time last July. Tyler and the landlord who owned the flat above subsequently agreed on a premium of £6,000 . If he not met the deadline, the sum would have gone up by a minimum £875.

Cleckheaton case:

In 2012 we were e-mailed by Ms Alice Patel who, having took over the lease of a basement flat in Cleckheaton in February 2009. The question was if we could approximate the premium would be for a 90 year lease extension. Identical premises in Cleckheaton with 100 year plus lease were valued about £300,000. The average ground rent payable was £50 collected monthly. The lease terminated on 19 March 2102. Given that there were 76 years remaining we estimated the premium to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.

Cleckheaton case:

Mr V Gunderson moved into a basement apartment in Cleckheaton in May 2004. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Similar properties in Cleckheaton with an extended lease were valued about £257,800. The average amount of ground rent was £65 billed quarterly. The lease finished on 1 September 2091. Considering the 65 years remaining we estimated the premium to the landlord for the lease extension to be between £18,100 and £20,800 plus legals.