Main reasons to commence your Pudsey lease extension

Top reasons for lease extension now:

Increase your lease and increase your Pudsey property value

As the the remaining lease term of a Pudsey residential lease lessens so does its value and therefore the value of your property. If the lease has, beyond 125 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease without delay. The majority of flat owners in Pudsey will meet the qualifying criteria; nevertheless a lawyer should be able to confirm if you are eligible to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to grant a mortgage with a short lease

Lenders are tightening their criteria and many now require flats to have at least 60 if not 70 years remaining at the expiry of the mortgage. As a number of flats in Pudsey were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

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

Irrespective of whether you are a tenant or a freeholder in Pudsey,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Pudsey valuers.

Pudsey Lease Extension Case Studies:

Alisha, Pudsey, Leeds,

After lengthy negotiations with the freeholder of her purpose-built flat in Pudsey, Alisha initiated the lease extension process just as her lease was approaching the all-important 80-year deadline. The lease extension was finalised in March 2014. The landlord’s costs were negotiated to below 650 pounds.

Pudsey case:

In 2009 we were contacted by Dr R Howard who, having moved into a first floor flat in Pudsey in August 1995. The dilemma was if we could estimate the price would be to extend the lease by ninety years. Identical premises in Pudsey with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 billed every twelve months. The lease elapsed on 19 April 2102. Having 76 years left we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.

Pudsey case:

In 2013 we were phoned by Mrs Caitlin Smith who, having purchased a one bedroom apartment in Pudsey in July 1999. The question was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar premises in Pudsey with a long lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced quarterly. The lease terminated in 2082. Considering the 56 years remaining we approximated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 plus professional charges.