Top reasons for Leyland lease extension

Main reasons to commence your Leyland lease extension today:

Increase your lease and increase your Leyland property value

The re-sale value of a leasehold property in Leyland is impacted by how long the lease has left to run. If it is near to or fewer than eighty years you should foresee difficulties on re-sale, so it is recommended to arrange for a lease extension ahead of purchasing. It is preferable to start the lease extension process when the lease still has 82 years unexpired so that all matters can be addressed ahead of the 80 year mark. Statute entitles Leyland qualifying lessees to a 90 year extension added to their residual lease term (ie if your lease has fifty years left the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to determine the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

Leyland property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be mindful that it is likely that someone intending to acquire your property in the future might well do, so in the event that they are not able to get a mortgage, then the financial worth of the property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

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

The conveyancing solicitors that we work with undertake Leyland 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 lawyer we work with provide it.

Leyland Lease Extension Case Summaries:

Ella, Leyland, Lancashire,

Following protracted correspondence with the landlord of her first floor apartment in Leyland, Ella commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The legal work was concluded in August 2013. The landlord’s costs were kept to an absolute minimum.

Leyland case:

Dr N Davis moved into a recently refurbished flat in Leyland in June 1996. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by ninety years. Similar flats in Leyland with a long lease were worth £257,800. The mid-range ground rent payable was £65 collected monthly. The lease finished in 2091. Considering the 65 years remaining we estimated the premium to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of fees.

Leyland case:

Dr Sarah Edwards was assigned a lease of a one bedroom apartment in Leyland in June 2012. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by 90 years. Comparative residencies in Leyland with a long lease were in the region of £191,400. The mid-range ground rent payable was £55 collected quarterly. The lease expiry date was in 2080. Taking into account 54 years unexpired we approximated the premium to the freeholder for the lease extension to be within £34,200 and £39,600 not including expenses.