Main reasons to start your Middleton lease extension

Main reasons to start your Middleton lease extension today:

Increase your lease and increase your Middleton property value

The re-sale value of a leasehold property in Middleton is impacted by how many years the lease has remaining. If it is near to or fewer than 80 years you should envisage problems on re-sale, so it is recommended to arrange for the lease to be extended prior to purchasing. It is preferable to commence the lease extension process when a lease still has 82 years remaining so that all matters can be concluded well before the eighty year threshold. Leasehold Reform legislation entitles Middleton qualifying lessees to acquire a lease extension of ninety years in addition to the remaining lease term at a peppercorn rent (that is, rent free). The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

Middleton property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

Almost all banks and building societies insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone intending to purchase your property in the future might well do, so where they are not able to secure a mortgage, then the value of your property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Middleton?

Lease extensions in Middleton can be a difficult process. We recommend you obtain guidance from a lawyer and valuer 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 a wealth of experience dealing with Middleton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Middleton Lease Extension Case Summaries:

Stephanie, Middleton, Leeds,

Off the back of unsuccessful correspondence with the freeholder of her first floor flat in Middleton, Stephanie started the lease extension process as the 80 year mark was rapidly approaching. The lease extension was finalised in July 2013. The landlord’s charges were kept to an absolute minimum.

Middleton case:

In 2010 we were contacted by Dr B Clark who, having acquired a one bedroom apartment in Middleton in January 1996. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year lease extension. Identical premises in Middleton with a long lease were valued around £246,800. The average amount of ground rent was £60 invoiced every twelve months. The lease lapsed on 17 May 2076. Given that there were 50 years left we approximated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 not including professional charges.

Middleton case:

In 2010 we were approached by Mrs A Carter who, having moved into a basement apartment in Middleton in August 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by ninety years. Similar flats in Middleton with an extended lease were valued about £203,200. The average amount of ground rent was £65 collected monthly. The lease came to a finish on 19 July 2087. Having 61 years unexpired we approximated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of professional charges.