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Why you should commence your Goole lease extension

Why you should commence your Goole lease extension today:

A Goole leasehold property depreciates with the years remaining on the lease.

As the length of the unexpired term of a Goole domestic lease decreases so does its value and therefore the value of your property. Where the lease has, more than 99 years to run then this decrease may be of little impact however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending sooner as opposed to later. Most flat owners in Goole will meet the qualifying criteria; nevertheless a conveyancer can confirm if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold residencies in Goole with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth 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 justify it.

Lending institutions will not grant a mortgage on a short lease

Most banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone intending to acquire your property in the future might well do, so where they can't obtain a mortgage, then the market price of the property will likely be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaing from the start of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.

What makes us experts in Goole lease extensions?

Irrespective of whether you are a tenant or a freeholder in Goole,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 Goole valuers.

Goole Lease Extension Case Summaries:

Jonathan, Goole, East Yorkshire

In 2014 Jonathan, started to get close to the 80-year threshold with the lease on his two bedroom apartment in Goole. In buying his property 18 years previously, the length of the lease was of minimal bearing. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Jonathan extended the lease at the eleventh hour last January. Jonathan and the freeholder via the managing agents subsequently settled on sum of £5,500 . If he had missed the deadline, the premium would have increased by at least £1,025.

Goole case:

Mr E Martin moved into a garden apartment in Goole in August 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Identical homes in Goole with an extended lease were worth £198,400. The average amount of ground rent was £65 billed per annum. The lease concluded on 10 March 2082. Having 59 years unexpired we estimated the premium to the landlord to extend the lease to be within £21,900 and £25,200 not including costs.

Goole case:

In 2012 we were e-mailed by Mr and Mrs. G Díaz who, having acquired a studio flat in Goole in January 2010. The dilemma was if we could approximate the price would likely be to extend the lease by 90 years. Comparable residencies in Goole with an extended lease were worth £255,000. The average ground rent payable was £50 invoiced per annum. The lease concluded on 16 January 2093. Considering the 70 years outstanding we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.