Main reasons to start your Pyle lease extension

Why you should commence your Pyle lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Pyle. Inevitably, the length of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Pyle have the right to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. You should give due consideration before delaying your Pyle lease extension. Holding off the cost now only increases the price you will eventually have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to finance a property with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Pyle were built in the fifties, sixties and seventies as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Pyle lease extensions?

The conveyancing solicitors that we work with handle Pyle 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.

Pyle Lease Extension Case Summaries:

Elijah, Pyle, Bridgend

Half a year ago Elijah, came dangerously near to the eighty-year mark with the lease on his one bedroom apartment in Pyle. In buying his property 19 years previously, the length of the lease was of no relevance. Luckily, he realised he would imminently be paying an inflated amount for a lease extension. Elijah extended the lease just ahead of time last August. Elijah and the landlord who owned the flat above ultimately settled on sum of £5,500 . If he had missed the deadline, the sum would have escalated by a minimum £1,100.

Pyle case:

In 2011 we were called by Mr and Mrs. F Sánchez who, having purchased a recently refurbished apartment in Pyle in September 1996. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Pyle with a long lease were in the region of £183,600. The average ground rent payable was £65 invoiced annually. The lease elapsed in 2083. Considering the 57 years left we approximated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.

Pyle case:

Mrs B Scott was assigned a lease of a one bedroom flat in Pyle in April 2009. The question was if we could estimate the compensation to the landlord could be to extend the lease by an additional years. Comparable premises in Pyle with a long lease were in the region of £245,000. The average amount of ground rent was £50 billed yearly. The lease end date was on 19 June 2094. Having 68 years remaining we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including professional charges.