Why you should start your Horbury lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Horbury lease terms. Horbury properties that have a remaining term lower than 80 years will de-escalate in value even faster, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

Leasehold residencies in Horbury with in excess of one hundred years left 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 estate charges merit it.

Lending institutions may decide not to issue a mortgage with a short lease

Most mortgage lenders will not grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Horbury property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Horbury?

Lease extensions in Horbury can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Horbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Horbury Lease Extension Example Cases:

Arthur, Horbury, West Yorkshire,

Arthur owned a high value flat in Horbury on the market with a lease of a few days over fifty eight years remaining. Arthur informally approached his landlord a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Arthur to invoke his statutory right. Arthur procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

Horbury case:

In 2012 we were contacted by Mrs Charlotte Clark who, having purchased a garden apartment in Horbury in January 2010. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Comparable properties in Horbury with a long lease were in the region of £290,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease end date was on 13 November 2099. Taking into account 73 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus legals.

Horbury case:

In 2014 we were phoned by Mr and Mrs. B Laurent who, having purchased a first floor flat in Horbury in January 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Similar residencies in Horbury with an extended lease were valued around £240,600. The mid-range ground rent payable was £60 collected monthly. The lease ran out on 12 June 2088. Taking into account 62 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 plus legals.