Why you should start your Linton lease extension

Top reasons for lease extension now:

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

Linton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. It is the case that most Linton tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Linton you should see if your lease has between 70 and 90 years remaining. There are compelling reasons why a Linton leaseholder with a lease having around 80 years left should take action to ensure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not finance a property with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your Linton property becoming difficult to sell or to obtain finance on.

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

Lease extensions in Linton can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor 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 Linton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Linton Lease Extension Case Studies:

Leah, Linton, Leeds,

Off the back of unsuccessful negotiations with the landlord of her leasehold flat in Linton, Leah commenced the lease extension process just as her lease was nearing the all-important 80-year mark. The lease extension completed in May 2011. The landlord’s costs were restricted to under 600 pounds.

Linton case:

Last Autumn we were e-mailed by Ms Georgia Rivera , who purchased a purpose-built apartment in Linton in June 2007. The question was if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Similar homes in Linton with a long lease were in the region of £181,600. The average amount of ground rent was £55 billed every twelve months. The lease ran out on 6 November 2078. Considering the 52 years left we estimated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 not including legals.

Linton case:

Last Christmas we were phoned by Dr Lewis Bennett , who acquired a garden apartment in Linton in May 2002. The question was if we could approximate the premium could be for a ninety year extension to my lease. Comparable premises in Linton with an extended lease were worth £290,000. The average amount of ground rent was £45 collected annually. The lease ended in 2098. Having 72 years outstanding we estimated the premium to the landlord for the lease extension to be between £11,400 and £13,200 plus legals.