Top reasons for Pontefract lease extension

Main reasons to start your Pontefract lease extension today:

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

The re-sale value of a leasehold property in Pontefract is impacted by how long the lease has remaining. If it is close to or fewer than eighty years you should expect problems on re-sale, so it is recommended to arrange for a lease extension before buying. It is preferable to start the process of extending the lease is when the lease still has 82 years unexpired so that a lease extension can be concluded in advance of the eighty year mark. Statute entitles Pontefract qualifying lessees to acquire a lease extension of 90 years on top of the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Pontefract property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

Banks and building societies will not lend on short residential leases. You are likely to experience difficulties where you need to sell your flat in Pontefract if the remaining lease term is under the criteria set by the majority of mortgage companies. Different lenders have varying requirements but in the main they are looking for an unexpired term of at least 65 years.

What makes us experts in Pontefract lease extensions?

Retaining our service will provide you increased control over the value of your Pontefract leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Pontefract Lease Extension Case Summaries:

Lydia, Pontefract, West Yorkshire,

Off the back of unsuccessful discussions with the landlord of her leasehold apartment in Pontefract, Lydia started the lease extension process just as her lease was coming close to the all-important 80-year deadline. The transaction completed in August 2014. The freeholder’s charges were kept to an absolute minimum.

Pontefract case:

Mr and Mrs. O Roux acquired a garden apartment in Pontefract in September 2006. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Identical premises in Pontefract with an extended lease were valued about £218,000. The average amount of ground rent was £45 billed annually. The lease lapsed on 5 April 2089. Having 63 years outstanding we calculated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 not including costs.

Pontefract case:

In 2010 we were contacted by Mr A Moreau who, having took over the lease of a one bedroom apartment in Pontefract in June 2011. The dilemma was if we could estimate the price would likely be to prolong the lease by a further 90 years. Similar residencies in Pontefract with an extended lease were in the region of £265,000. The average ground rent payable was £50 billed per annum. The lease finished in 2100. Having 74 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.