Top reasons for Guiseley lease extension

Main reasons to commence your Guiseley lease extension today:

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

For those whose Guiseley flat is held on a long lease, the message is clear – if you do nothing, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

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

Leasehold residencies in Guiseley with over 100 years remaining on the lease are sometimes referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may not lend on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably experience difficulties if you wish to sell your flat in Guiseley if the unexpired term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have different criteria but in the main they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Guiseley?

The lawyers that we work with procure Guiseley 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.

Guiseley Lease Extension Case Studies:

Jason, Guiseley, Leeds

Half a year ago Jason, came precariously close to the eighty-year mark with the lease on his studio flat in Guiseley. Having bought his flat two decades ago, the lease term was of minimal concern. As luck would have it, he recognised he would soon be paying way over the odds for a lease extension. Jason was able to extend his lease at the eleventh hour in June. Jason and the freeholder via the managing agents eventually agreed on sum of £6,000 . If he not met the deadline, the premium would have increased by at least £900.

Guiseley case:

Mr I Alexander completed a newly refurbished apartment in Guiseley in November 2003. We are asked if we could estimate the premium would be for a 90 year lease extension. Similar properties in Guiseley with an extended lease were worth £216,000. The average amount of ground rent was £60 invoiced yearly. The lease terminated in 2084. Having 58 years unexpired we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including expenses.

Guiseley case:

In 2014 we were e-mailed by Mr and Mrs. O Torres who, having purchased a garden flat in Guiseley in September 2002. The dilemma was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Comparative homes in Guiseley with 100 year plus lease were in the region of £205,000. The average ground rent payable was £50 invoiced per annum. The lease terminated in 2104. Considering the 78 years remaining we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.