Top reasons for Hull North lease extension

Main reasons to commence your Hull North lease extension today:

Increase your lease and increase your Hull North property value

Hull North leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Hull North residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hull North you would be well advised to investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Hull North flat owner with a lease having around eighty years left should take action to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Lenders will not finance a property on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Hull North property becoming difficult to sell or to obtain finance on.

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

The conveyancers that we work with procure Hull North 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 conveyancer we work with provide it.

Hull North Lease Extension Example Cases:

Yasmin, Hull North, East Yorkshire,

Subsequent to lengthy correspondence with the landlord of her basement flat in Hull North, Yasmin commenced the lease extension process as the eighty year mark was quickly coming. The legal work was concluded in October 2012. The landlord’s costs were kept to an absolute minimum.

Hull North case:

Mr and Mrs. T Michel purchased a recently refurbished flat in Hull North in June 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Comparable residencies in Hull North with an extended lease were worth £176,200. The mid-range amount of ground rent was £65 billed per annum. The lease ended in 2081. Considering the 56 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including legals.

Hull North case:

Last year we were e-mailed by Mrs Sophia Phillips , who owned a ground floor flat in Hull North in May 1999. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical residencies in Hull North with an extended lease were worth £242,600. The mid-range ground rent payable was £45 collected annually. The lease expiry date was on 14 October 2092. Taking into account 67 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus professional charges.