Why you should commence your Leyburn lease extension

Main reasons to start your Leyburn lease extension today:

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

Leyburn leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Leyburn tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Leyburn you must investigate if your lease has between seventy and 90 years left. There are good reasons why a Leyburn flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lenders will not finance a property on a short lease

Banks and building societies are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Considering a number of flats in Leyburn were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Leyburn lease extensions?

Using our service will provide you enhanced control over the value of your Leyburn leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Leyburn Lease Extension Case Studies:

Georgina, Leyburn, North Yorkshire,

Following protracted discussions with the freeholder of her one bedroom flat in Leyburn, Georgina commenced the lease extension process as the eighty year deadline was quickly advancing. The transaction was concluded in January 2006. The landlord’s costs were kept to an absolute minimum.

Leyburn case:

In 2012 we were e-mailed by Mrs E Lambert who, having acquired a basement apartment in Leyburn in July 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative homes in Leyburn with an extended lease were in the region of £300,000. The average amount of ground rent was £50 collected per annum. The lease ran out in 2102. Having 76 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including costs.

Leyburn case:

In 2011 we were called by Ms Georgia Moreau who, having bought a studio apartment in Leyburn in July 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Leyburn with a long lease were worth £252,800. The average amount of ground rent was £65 invoiced quarterly. The lease elapsed on 3 March 2091. Taking into account 65 years remaining we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 plus expenses.