Main reasons to commence your Hull West lease extension

Why you should start your Hull West lease extension today:

Increase your lease and increase your Hull West property value

Chances are that where you own a flat in Hull West you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 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 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not lend with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as unacceptable for lending purposes.

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

The lawyers that we work with procure Hull West 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 conveyancing solicitor we work with provide it.

Hull West Lease Extension Example Cases:

Victoria, Hull West, East Yorkshire,

Following lengthy negotiations with the landlord of her ground floor apartment in Hull West, Victoria initiated the lease extension process just as her lease was coming close to the all-important 80-year mark. The transaction was finalised in January 2006. The freeholder’s costs were negotiated to less than 450 GBP.

Hull West case:

Dr R Ramírez bought a garden flat in Hull West in June 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative flats in Hull West with 100 year plus lease were in the region of £210,000. The average ground rent payable was £50 collected quarterly. The lease finished on 26 June 2106. Taking into account 80 years left we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of legals.

Hull West case:

Last Winter we were called by Mr C Bailey , who took over the lease of a purpose-built flat in Hull West in May 2012. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparable homes in Hull West with an extended lease were valued about £275,000. The mid-range amount of ground rent was £45 billed every twelve months. The lease expired in 2095. Having 69 years remaining we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including legals.