Top reasons for Morley lease extension

Main reasons to start your Morley lease extension today:

Increase your lease and increase your Morley property value

The only way is down when it comes to Morley lease terms. Morley leaseholds that have a lease term fewer than 80 years will drop in market price even faster, and the cost of extending your lease will increase.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage with a short lease

Banks and Building Societies have specific criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term falls below a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Morley property.

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

The lawyers that we work with undertake Morley 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 lawyer we work with provide it.

Morley Lease Extension Example Cases:

Rory, Morley, Leeds

In recent months Rory, started to get close to the 80-year mark with the lease on his basement flat in Morley. In buying his home two decades ago, the unexpired term was of little relevance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Rory extended the lease just ahead of time last April. Rory and the freeholder via the management company subsequently agreed on a premium of £6,000 . If he failed to meet the deadline, the figure would have gone up by a minimum £1,050.

Morley case:

Last Spring we were contacted by Dr M Hall , who owned a studio apartment in Morley in August 1999. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparable flats in Morley with a long lease were worth £235,200. The mid-range amount of ground rent was £45 collected annually. The lease ran out on 16 June 2092. Given that there were 66 years unexpired we estimated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including professional charges.

Morley case:

Last Summer we were approach by Mrs Yasmin King , who acquired a one bedroom apartment in Morley in September 2002. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Comparative properties in Morley with a long lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced annually. The lease ended in 2103. Given that there were 77 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of expenses.