Top reasons for Edenthorpe lease extension

Main reasons to commence your Edenthorpe lease extension today:

Increase your lease and increase your Edenthorpe property value

The value of Edenthorpe leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is less than eighty years

Edenthorpe property with a lease extension is almost the same value as a freehold

Leasehold residencies in Edenthorpe with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may decide not to grant a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to properties in Edenthorpe with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting your market.

What makes us experts in Edenthorpe lease extensions?

The conveyancing solicitors that we work with undertake Edenthorpe 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 lawyer we work with provide it.

Edenthorpe Lease Extension Example Cases:

Jamie, Edenthorpe, South Yorkshire,

Jamie was the the leasehold proprietor of a 2 bedroom flat in Edenthorpe being marketed with a lease of a few days over fifty eight years outstanding. Jamie on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Jamie to invoke his statutory right. Jamie procured expert advice and secured satisfactory resolution informally and readily saleable.

Edenthorpe case:

In 2013 we were called by Dr Lucas Wood who, having was assigned a lease of a ground floor flat in Edenthorpe in August 1997. The dilemma was if we could estimate the premium could be to extend the lease by ninety years. Comparable flats in Edenthorpe with an extended lease were valued around £225,800. The mid-range ground rent payable was £60 billed quarterly. The lease terminated in 2086. Considering the 60 years outstanding we calculated the premium to the landlord for the lease extension to be between £23,800 and £27,400 not including professional charges.

Edenthorpe case:

In 2011 we were contacted by Dr U Walker who, having moved into a one bedroom flat in Edenthorpe in June 1995. We are asked if we could approximate the premium would be to extend the lease by 90 years. Identical flats in Edenthorpe with 100 year plus lease were valued around £210,000. The mid-range amount of ground rent was £50 collected monthly. The lease ran out on 7 May 2106. Having 80 years remaining we approximated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 not including costs.