Why you should commence your Flamborough lease extension

Main reasons to commence your Flamborough lease extension today:

A Flamborough lease depreciates with the years remaining on the lease.

The market value of Flamborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is less than eighty years

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

The propensity since over the last decade has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past banks would grant a mortgage on a lease with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Flamborough lease extensions?

The lawyers that we work with undertake Flamborough 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.

Flamborough Lease Extension Case Summaries:

Megan, Flamborough, East Yorkshire,

Following protracted correspondence with the landlord of her two bedroom apartment in Flamborough, Megan started the lease extension process just as the lease was coming close to the all-important 80-year threshold. The lease extension was finalised in March 2010. The freeholder’s charges were kept to an absolute minimum.

Flamborough case:

Last Winter we were contacted by Mr Harvey Thomas , who purchased a garden apartment in Flamborough in July 1998. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical flats in Flamborough with a long lease were in the region of £216,000. The mid-range amount of ground rent was £60 collected per annum. The lease ended on 14 March 2084. Having 58 years left we calculated the compensation to the landlord for the lease extension to be within £28,500 and £33,000 exclusive of expenses.

Flamborough case:

Last year we were e-mailed by Dr Erin Campbell , who completed a garden apartment in Flamborough in August 2001. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Flamborough with an extended lease were in the region of £200,000. The mid-range amount of ground rent was £50 invoiced annually. The lease expired on 20 May 2104. Taking into account 78 years remaining we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus fees.