Top reasons for Hull East lease extension

Why you should start your Hull East lease extension today:

Increase your lease and increase your Hull East property value

Hull East residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not issue a mortgage on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term slips below a specified unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Hull East home.

What makes us experts in Hull East lease extensions?

Engaging our service gives you enhanced control over the value of your Hull East leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hull East Lease Extension Case Summaries:

Finley, Hull East, East Yorkshire

Half a year ago Finley, came precariously near to the 80-year mark with the lease on his first floor flat in Hull East. Having bought his flat two decades ago, the length of the lease was of minimal bearing. by good luck, he realised he would soon be paying way over the odds for Extending the lease. Finley arranged for a lease extension at the eleventh hour in March. Finley and the landlord who owned the flat above eventually agreed on sum of £5,500 . If the lease had dipped below 80 years, the figure would have gone up by a minimum £1,075.

Hull East case:

Last Summer we were called by Mrs Hollie Bernard , who acquired a one bedroom flat in Hull East in January 1996. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Identical residencies in Hull East with 100 year plus lease were worth £250,000. The average ground rent payable was £50 invoiced every twelve months. The lease elapsed on 20 May 2094. Given that there were 68 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.

Hull East case:

Last Christmas we were called by Mr and Mrs. S Laurent , who took over the lease of a newly refurbished flat in Hull East in November 1999. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Identical flats in Hull East with an extended lease were worth £285,000. The average ground rent payable was £55 billed every twelve months. The lease expired on 28 June 2105. Having 79 years remaining we estimated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.