Top reasons for Leyland lease extension

Top reasons for lease extension now:

Increase your lease and increase your Leyland property value

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Leyland can extend the lease for a further ninety years under statute. Please think carefully before delaying your Leyland lease extension. Shelving that expense today simply escalates the price you will eventually be required to pay to extend the lease.

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

Leasehold premises in Leyland with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions may not issue a mortgage on a short lease

Nearly all banks and building societies will be unwilling to lend on a lease with under seventy years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Leyland property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Leyland?

Lease extensions in Leyland can be a difficult process. We recommend you get guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Leyland lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Leyland Lease Extension Case Studies:

Joseph, Leyland, Lancashire

Last year Joseph, started to get close to the 80-year mark with the lease on his basement flat in Leyland. Having purchased his property 18 years previously, the lease term was of minimal interest. Thankfully, it dawned on him that he needed to take steps soon on Extending the lease. Joseph arranged for a lease extension at the eleventh hour in July. Joseph and the landlord who owned the flat above eventually agreed on sum of £5,500 . If he had missed the deadline, the amount would have become more exhorbitant by at least £1,150.

Leyland case:

In 2011 we were e-mailed by Ms B Dupont who, having moved into a first floor apartment in Leyland in May 2008. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparable homes in Leyland with a long lease were valued around £280,000. The average ground rent payable was £45 collected yearly. The lease elapsed in 2095. Having 69 years left we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of legals.

Leyland case:

Mr Dexter Martinez purchased a studio flat in Leyland in July 2000. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparative premises in Leyland with 100 year plus lease were valued about £216,000. The average amount of ground rent was £60 billed yearly. The lease ended in 2084. Taking into account 58 years left we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 exclusive of fees.