Main reasons to commence your Rawcliffe lease extension

Main reasons to commence your Rawcliffe lease extension today:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Rawcliffe have the legal entitlement to extend the lease for a further ninety years under statute. Do give careful consideration before delaying your Rawcliffe lease extension. Shelving the costs now simply increases the amount you will ultimately be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

Banks and building societies are tightening their criteria and many now require flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Considering plenty of flats in Rawcliffe were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

What makes us experts in Rawcliffe lease extensions?

The conveyancers that we work with handle Rawcliffe 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.

Rawcliffe Lease Extension Example Cases:

Luca, Rawcliffe, East Yorkshire,

Luca was the the leasehold proprietor of a 2 bedroom flat in Rawcliffe being sold with a lease of fraction over sixty years unexpired. Luca on an informal basis approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luca to invoke his statutory right. Luca obtained expert advice and was able to make an informed judgement and deal with the matter and ending up with a market value flat.

Rawcliffe case:

Last Christmas we were e-mailed by Dr C Gunderson , who completed a one bedroom apartment in Rawcliffe in October 2004. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical residencies in Rawcliffe with a long lease were worth £250,400. The mid-range ground rent payable was £65 invoiced yearly. The lease elapsed on 28 January 2090. Taking into account 64 years left we approximated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 plus costs.

Rawcliffe case:

In 2014 we were called by Ms L Phillips who, having purchased a ground floor flat in Rawcliffe in July 2003. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Identical premises in Rawcliffe with an extended lease were worth £184,000. The mid-range ground rent payable was £55 billed annually. The lease ran out in 2079. Having 53 years outstanding we calculated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 not including costs.