Main reasons to commence your Haxby lease extension

Top reasons for lease extension now:

Increase your lease and increase your Haxby property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Haxby. Clearly, the period of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the residence has to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Haxby have the legal entitlement to extend the lease for a further 90 years in accordance with legislation. Please give careful deliberation before putting off your Haxby lease extension. Putting off the cost now simply increases the price you will eventually incur to extend your lease

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may not loan monies on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will cause difficulties as and when you wish to dispose of or remortgage your property as it will be effectively unmortgageable. You may have no immediate plan to sell but when you do your buyer will have to wait 2 years before they can initiate the legal procedures for a lease extension.

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

Engaging our service will provide you increased control over the value of your Haxby leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Haxby Lease Extension Case Summaries:

Lucas, Haxby, North Yorkshire,

Lucas owned a studio apartment in Haxby being marketed with a lease of a little over 72 years left. Lucas informally approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Lucas to exercise his statutory right. Lucas obtained expert advice and was able to make a more informed judgement and deal with the matter and readily saleable.

Haxby case:

Mr and Mrs. T Davies moved into a ground floor apartment in Haxby in November 2011. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparable residencies in Haxby with an extended lease were worth £290,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease ended in 2098. Considering the 72 years remaining we estimated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 plus expenses.

Haxby case:

Mr and Mrs. N White moved into a one bedroom apartment in Haxby in July 2010. We are asked if we could approximate the premium could be for a 90 year extension to my lease. Similar residencies in Haxby with a long lease were in the region of £233,200. The mid-range amount of ground rent was £60 billed quarterly. The lease ended in 2087. Taking into account 61 years unexpired we approximated the premium to the landlord for the lease extension to be within £22,800 and £26,400 plus legals.