Main reasons to start your Poppleton and Bishopthorpe lease extension

Main reasons to commence your Poppleton and Bishopthorpe lease extension today:

A Poppleton and Bishopthorpe lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Poppleton and Bishopthorpe. Inevitably, the term of lease remaining reduces as time goes by. This is often overlooked and only raises itself as an issue when the flat or house has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible long lease owners in Poppleton and Bishopthorpe have the legal entitlement to extend the lease for an additional 90 years in accordance with legislation. You should give due consideration before putting off your Poppleton and Bishopthorpe lease extension. Holding off that expense now only increases the price you will eventually have to pay to extend your lease

Poppleton and Bishopthorpe property with a lease extension is almost 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 roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not loan monies on a short lease

The propensity since over the last decade has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past banks would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Get in touch with one of our Poppleton and Bishopthorpe lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure Poppleton and Bishopthorpe 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.

Poppleton and Bishopthorpe Lease Extension Case Studies:

Aiden, Poppleton and Bishopthorpe, East Yorkshire

Last October Aiden, started to get close to the 80-year mark with the lease on his basement flat in Poppleton and Bishopthorpe. Having purchased his property 19 years ago, the unexpired term was of little concern. Luckily, he realised he needed to take steps soon on a lease extension. Aiden was able to extend his lease just under the wire last January. Aiden and the freeholder via the management company subsequently settled on an amount of £5,000 . If he not met the deadline, the figure would have increased by a minimum £950.

Poppleton and Bishopthorpe case:

Mr and Mrs. I Parker acquired a studio apartment in Poppleton and Bishopthorpe in July 2009. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a 90 year lease extension. Comparative flats in Poppleton and Bishopthorpe with an extended lease were in the region of £264,000. The average ground rent payable was £60 billed yearly. The lease finished on 7 September 2079. Given that there were 53 years outstanding we approximated the premium to the freeholder for the lease extension to be between £37,100 and £42,800 plus legals.

Poppleton and Bishopthorpe case:

In 2009 we were called by Ms B Lefebvre who, having purchased a purpose-built apartment in Poppleton and Bishopthorpe in January 1996. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparative residencies in Poppleton and Bishopthorpe with a long lease were worth £225,400. The mid-range ground rent payable was £45 collected quarterly. The lease terminated in 2090. Given that there were 64 years left we calculated the premium to the landlord for the lease extension to be between £16,200 and £18,600 plus professional charges.