Top reasons for Low Moor lease extension

Main reasons to start your Low Moor lease extension today:

Increase your lease and increase your Low Moor property value

Low Moor leases on residential deteriorating in value. Where your lease has approximately 90 years remaining, you should start considering the need for a lease extension. If lease term is under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Low Moor will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not lend with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically lenders would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Low Moor?

Engaging our service will provide you better control over the value of your Low Moor leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Low Moor Lease Extension Example Cases:

Lucy, Low Moor, West Yorkshire,

After protracted correspondence with the freeholder of her purpose-built flat in Low Moor, Lucy initiated the lease extension process just as the lease was approaching the all-important eighty-year deadline. The lease extension completed in August 2006. The landlord’s fees were negotiated to about five hundred pounds.

Low Moor case:

Dr Chloe Peterson bought a newly refurbished flat in Low Moor in April 1999. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative flats in Low Moor with an extended lease were valued around £243,000. The mid-range ground rent payable was £65 collected monthly. The lease lapsed on 5 January 2089. Having 63 years remaining we approximated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of professional charges.

Low Moor case:

Mrs Emily François purchased a ground floor apartment in Low Moor in February 2005. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Identical premises in Low Moor with 100 year plus lease were valued about £181,600. The average amount of ground rent was £55 collected quarterly. The lease lapsed in 2078. Taking into account 52 years remaining we estimated the compensation to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.