Why you should commence your Idle lease extension

Top reasons for lease extension now:

A Idle lease depreciates with the years remaining on the lease.

The market value of Idle leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not issue a mortgage with a short lease

The trend since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the property over which the home loan is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Idle?

Lease extensions in Idle can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Idle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Idle Lease Extension Example Cases:

Caleb, Idle, West Yorkshire

Last year Caleb, came very close to the 80-year mark with the lease on his studio apartment in Idle. Having bought his flat two decades ago, the length of the lease was of minimal significance. by good luck, he became aware that he would imminently be paying an escalated premium for Extending the lease. Caleb extended the lease at the eleventh hour last May. Caleb and the freeholder ultimately settled on a premium of £6,000 . If the lease had dipped below eighty years, the sum would have become more costly by a minimum £1,000.

Idle case:

Dr Tommy Clark took over the lease of a ground floor apartment in Idle in November 2004. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Identical residencies in Idle with 100 year plus lease were valued about £246,800. The average amount of ground rent was £60 invoiced monthly. The lease concluded in 2076. Taking into account 50 years left we estimated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 not including legals.

Idle case:

Dr O Garcia acquired a studio apartment in Idle in July 2001. We are asked if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparative properties in Idle with 100 year plus lease were in the region of £208,200. The average amount of ground rent was £65 collected yearly. The lease lapsed in 2087. Having 61 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus costs.