Main reasons to commence your Garforth lease extension

Main reasons to start your Garforth lease extension today:

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

Garforth leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Garforth enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Garforth you must check if your lease has between 70 and 90 years left. There are compelling reasons why a Garforth flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Garforth with more than 100 years outstanding on the lease are sometimes 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not finance a property with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you wish to sell your flat in Garforth if the remaining lease term is under the criteria set by most banks and building societies. Different mortgage companies have varying criteria but in the main theyrequire an unexpired term of at least seventy years.

Get in touch with one of our Garforth lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle Garforth 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.

Garforth Lease Extension Case Summaries:

Samantha, Garforth, Leeds,

Trailing lengthy correspondence with the freeholder of her two bedroom apartment in Garforth, Samantha commenced the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The legal work completed in January 2014. The landlord’s charges were negotiated to a tad over 500 GBP.

Garforth case:

In 2013 we were approached by Dr W Murphy who, having owned a basement apartment in Garforth in January 2001. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by an additional years. Comparable properties in Garforth with 100 year plus lease were valued around £208,600. The mid-range amount of ground rent was £60 billed annually. The lease concluded on 22 July 2083. Considering the 57 years remaining we approximated the compensation to the freeholder to extend the lease to be within £30,400 and £35,200 not including fees.

Garforth case:

In 2010 we were e-mailed by Mr Ethan François who, having was assigned a lease of a recently refurbished apartment in Garforth in April 1999. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Comparative properties in Garforth with 100 year plus lease were worth £200,000. The mid-range amount of ground rent was £50 billed quarterly. The lease elapsed on 28 October 2103. Taking into account 77 years outstanding we calculated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.