Why you should commence your East Riding Villages lease extension

Main reasons to commence your East Riding Villages lease extension today:

Increase your lease and increase your East Riding Villages property value

The only way is down when it comes to East Riding Villages lease terms. East Riding Villages flats that have a remaining term fewer than 80 years will de-escalate in market price at a rapid rate, and the cost of extending your lease will go up.

East Riding Villages property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

Banks and building societies do not lend on short residential leases. You are likely to experience problems where you need to sell your flat in East Riding Villages if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but in the main theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our East Riding Villages lease extension solicitors or enfranchisement solicitors

Irrespective of whether you are a tenant or a landlord in East Riding Villages,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 experience and the close ties they enjoy with East Riding Villages valuers.

East Riding Villages Lease Extension Example Cases:

Molly, East Riding Villages, East Yorkshire,

Subsequent to protracted discussions with the freeholder of her first floor apartment in East Riding Villages, Molly started the lease extension process as the 80 year mark was rapidly nearing. The legal work was finalised in June 2011. The freeholder’s charges were kept to an absolute minimum.

East Riding Villages case:

In 2010 we were approached by Mr Theo Lefèvre who, having moved into a studio apartment in East Riding Villages in November 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by ninety years. Comparable premises in East Riding Villages with 100 year plus lease were valued about £295,000. The mid-range ground rent payable was £50 invoiced per annum. The lease ran out on 5 January 2101. Given that there were 75 years as a residual term we calculated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus expenses.

East Riding Villages case:

In 2012 we were phoned by Mr and Mrs. W Gómez who, having bought a garden apartment in East Riding Villages in November 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable residencies in East Riding Villages with a long lease were valued around £250,400. The average amount of ground rent was £65 invoiced quarterly. The lease terminated on 18 November 2090. Considering the 64 years outstanding we approximated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 exclusive of legals.