Main reasons to commence your Linton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Linton property value

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 the lease becomes more expensive. It is the case that most Linton tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Linton you must check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not loan monies with a short lease

Almost all mortgage companies will not grant a mortgage on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this will result in your Linton property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Linton?

The conveyancers that we work with undertake Linton 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 conveyancer we work with provide it.

Linton Lease Extension Case Studies:

Olivia, Linton, Leeds,

Off the back of lengthy correspondence with the landlord of her first floor apartment in Linton, Olivia initiated the lease extension process as the 80 year deadline was rapidly approaching. The lease extension completed in November 2006. The landlord’s costs were restricted to approximately four hundred GBP.

Linton case:

Last Autumn we were e-mailed by Ms N Hall , who was assigned a lease of a purpose-built apartment in Linton in May 2000. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Identical residencies in Linton with an extended lease were valued about £230,800. The average amount of ground rent was £60 invoiced per annum. The lease lapsed on 25 March 2086. Considering the 60 years remaining we calculated the compensation to the freeholder for the lease extension to be between £24,700 and £28,600 not including professional charges.

Linton case:

In 2014 we were called by Mr Owen Evans who, having completed a basement flat in Linton in October 2012. The question was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Identical flats in Linton with a long lease were in the region of £210,000. The average ground rent payable was £50 billed every twelve months. The lease came to a finish on 22 January 2106. Considering the 80 years outstanding we approximated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.