Why you should commence your Dewsbury lease extension

Main reasons to commence your Dewsbury lease extension today:

A Dewsbury leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Dewsbury. Clearly, the length of lease left shortens over time. This may pass by relatively unnoticed when the property has to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Dewsbury have the right to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. You should give due attention before putting off your Dewsbury lease extension. Holding off that expense now likely increases the price you will ultimately incur for a lease extension

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

It is generally accepted that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

Banks and building societies do not like short residential leases. You are likely to encounter problems where you need to sell your flat in Dewsbury if the remaining lease term is below the criteria set by most mortgage companies. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

What makes us experts in Dewsbury lease extensions?

Irrespective of whether you are a tenant or a freeholder in Dewsbury,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Dewsbury valuers.

Dewsbury Lease Extension Example Cases:

Adam, Dewsbury, West Yorkshire,

Adam owned a conversion flat in Dewsbury on the market with a lease of a little over 72 years outstanding. Adam on an informal basis approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Adam to exercise his statutory right. Adam obtained expert advice and was able to make a more informed judgement and deal with the matter and sell the flat.

Dewsbury case:

Last Summer we were e-mailed by Mr and Mrs. D Dupont , who bought a newly refurbished apartment in Dewsbury in October 1999. The question was if we could estimate the premium would be for a 90 year extension to my lease. Similar properties in Dewsbury with a long lease were in the region of £255,000. The average amount of ground rent was £50 collected monthly. The lease ran out in 2096. Considering the 70 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.

Dewsbury case:

Ms L Clarke owned a recently refurbished flat in Dewsbury in November 2004. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Comparable premises in Dewsbury with an extended lease were valued around £246,800. The average amount of ground rent was £60 collected quarterly. The lease elapsed on 14 January 2076. Taking into account 50 years remaining we calculated the compensation to the freeholder for the lease extension to be within £44,700 and £51,600 plus legals.