Top reasons for Leyland lease extension

Main reasons to commence your Leyland lease extension today:

Increase your lease and increase your Leyland property value

Chances are that where you own a flat in Leyland you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to finance a property on a short lease

Many mortgage companies require a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone wanting to buy your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of the property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

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

The lawyers 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 conveyancing solicitor we work with provide it.

Leyland Lease Extension Case Summaries:

Daisy, Leyland, Lancashire,

After lengthy correspondence with the freeholder of her garden apartment in Leyland, Daisy initiated the lease extension process just as her lease was nearing the all-important eighty-year mark. The transaction was concluded in June 2012. The freeholder’s fees were restricted to less than 450 GBP.

Leyland case:

Mr and Mrs. S Johnson owned a first floor flat in Leyland in April 2005. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Similar flats in Leyland with an extended lease were valued around £233,200. The mid-range amount of ground rent was £60 collected yearly. The lease finished on 17 February 2087. Considering the 61 years left we calculated the compensation to the landlord to extend the lease to be within £22,800 and £26,400 exclusive of legals.

Leyland case:

Mr and Mrs. T Cox completed a garden flat in Leyland in January 2007. The question was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Identical residencies in Leyland with a long lease were worth £171,800. The mid-range ground rent payable was £55 invoiced quarterly. The lease came to a finish in 2076. Considering the 50 years unexpired we estimated the premium to the landlord to extend the lease to be within £33,300 and £38,400 not including costs.