Why you should start your Fulford lease extension

Top reasons for lease extension now:

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

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

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to loan monies with a short lease

Banks and building societies do not like short residential leases. You most probably encounter problems where you want to sell your flat in Fulford if the remaining term of your lease is below the criteria set by most banks and building societies. Different lenders have varying requirements but generally they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Fulford?

Engaging our service will provide you enhanced control over the value of your Fulford leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Fulford Lease Extension Example Cases:

Jayden, Fulford, Staffordshire,

Jayden was the the leasehold owner of a 2 bedroom flat in Fulford on the market with a lease of fraction over 59 years unexpired. Jayden informally approached his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jayden to invoke his statutory right. Jayden obtained expert advice and secured an acceptable deal informally and readily saleable.

Fulford case:

Last Summer we were approach by Mrs J Ramírez , who purchased a ground floor apartment in Fulford in July 1997. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Comparative homes in Fulford with an extended lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease elapsed in 2096. Taking into account 70 years as a residual term we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including legals.

Fulford case:

Last Winter we were phoned by Ms Ellie Roux , who was assigned a lease of a ground floor flat in Fulford in March 2005. The question was if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar properties in Fulford with 100 year plus lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced annually. The lease ended on 9 February 2076. Having 50 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 plus expenses.