Main reasons to commence your Leeswood lease extension

Why you should start your Leeswood lease extension today:

Increase your lease and increase your Leeswood property value

The market value of a leasehold property in Leeswood is impacted by how many years the lease has left to run. If it is near to or less than eighty years you should envisage problems on re-sale, so it is advisable to arrange for the lease to be extended ahead of purchasing. It is preferable to commence the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be finalised prior to the 80 year threshold. Statute entitles Leeswood qualifying lessees to acquire a lease extension of ninety years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lending institutions may decide not to issue a mortgage with a short lease

Lenders do not like short residential leases. You are likely to experience difficulties where you wish to sell your flat in Leeswood if the remaining term of your lease is less than the criteria set by the majority of lenders. Different lenders have different criteria but generally theyrequire a minimum remaining lease term of seventy years.

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

Irrespective of whether you are a tenant or a freeholder in Leeswood,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Leeswood valuers.

Leeswood Lease Extension Example Cases:

Poppy, Leeswood, Flintshire,

Off the back of lengthy correspondence with the freeholder of her studio flat in Leeswood, Poppy initiated the lease extension process just as her lease was coming close to the crucial 80-year threshold. The transaction was concluded in January 2014. The freeholder’s charges were restricted to slightly above 650 pounds.

Leeswood case:

In 2013 we were e-mailed by Dr P Cook who, having acquired a purpose-built flat in Leeswood in October 1995. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparable premises in Leeswood with a long lease were valued around £280,000. The average ground rent payable was £45 billed monthly. The lease ended in 2096. Having 70 years unexpired we approximated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus costs.

Leeswood case:

Last Summer we were e-mailed by Dr Robyn Khan , who purchased a recently refurbished flat in Leeswood in September 2003. The question was if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Identical flats in Leeswood with an extended lease were in the region of £223,400. The average ground rent payable was £60 collected per annum. The lease ended in 2085. Given that there were 59 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £27,600 and £31,800 plus professional charges.