Why you should start your Hull North lease extension

Why you should start your Hull North lease extension today:

Increase your lease and increase your Hull North property value

The market value of a leasehold property in Hull North depends on how many years the lease has left to run. If it is close to or less than eighty years you should anticipate difficulties on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. It is preferable to start the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be addressed ahead of the 80 year mark. Statute entitles Hull North qualifying lessees to an additional term of ninety years on top of the existing term, at a peppercorn rent (zero ground rent). The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold property. Some will simply refrain from lending at all once the residual lease term drops beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Hull North home.

Why use us for your lease extension in Hull North?

Irrespective of whether you are a tenant or a landlord in Hull North,the lease extension lawyers 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 Hull North valuers.

Hull North Lease Extension Example Cases:

Amy, Hull North, East Yorkshire,

Trailing protracted negotiations with the freeholder of her studio flat in Hull North, Amy initiated the lease extension process as the 80 year mark was swiftly coming. The legal work was concluded in April 2014. The freeholder’s fees were kept to an absolute minimum.

Hull North case:

Last Winter we were e-mailed by Ms V James , who completed a purpose-built flat in Hull North in June 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Similar residencies in Hull North with 100 year plus lease were worth £191,000. The average amount of ground rent was £65 invoiced per annum. The lease finished on 4 September 2084. Taking into account 58 years unexpired we estimated the compensation to the landlord to extend the lease to be between £23,800 and £27,400 plus fees.

Hull North case:

Last Christmas we were phoned by Dr Daisy Kelly , who completed a studio apartment in Hull North in January 2009. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical flats in Hull North with an extended lease were valued about £250,000. The average amount of ground rent was £50 collected every twelve months. The lease came to a finish in 2095. Given that there were 69 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including legals.