Why you should commence your Hull North lease extension

Main reasons to start your Hull North lease extension today:

Increase your lease and increase your Hull North property value

Hull North leases on domestic properties are gradually losing value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Hull North will usually qualify for a lease extension; however a solicitor will confirm if you qualify. In certain cases you may not be entitled. There are prescribed deadlines and steps to comply with once the process has started so it’s prudent to be guided by a conveyancer during the process.

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

Leasehold premises in Hull North with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may decide not to finance a property with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are considered to be unacceptable security.

Why use us for your lease extension in Hull North?

Irrespective of whether you are a tenant or a freeholder in Hull North,the lease extension solicitors 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 Case Summaries:

Hollie, Hull North, East Yorkshire,

Trailing protracted correspondence with the landlord of her one bedroom apartment in Hull North, Hollie commenced the lease extension process as the eighty year deadline was rapidly approaching. The legal work completed in April 2010. The landlord’s costs were restricted to slightly above 600 GBP.

Hull North case:

Last Autumn we were contacted by Dr V Lee , who took over the lease of a garden flat in Hull North in July 2007. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Hull North with 100 year plus lease were worth £255,000. The mid-range amount of ground rent was £50 invoiced annually. The lease expired on 27 November 2096. Having 70 years remaining we estimated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 plus costs.

Hull North case:

In 2014 we were phoned by Dr J King who, having purchased a ground floor apartment in Hull North in September 2007. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparative flats in Hull North with a long lease were in the region of £246,800. The average ground rent payable was £60 invoiced yearly. The lease expired in 2076. Given that there were 50 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £44,700 and £51,600 exclusive of expenses.