The closer a residential lease in Rawdon and Yeadon nears to zero years unexpired, the more it reduces the value of the property. If the lease has, over 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending sooner than later. The majority of flat owners in Rawdon and Yeadon will qualify for this right; however a conveyancer will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.
Leasehold residencies in Rawdon and Yeadon with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Leeds Building Society | |
| National Westminster Bank |
Lease extensions in Rawdon and Yeadon can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Rawdon and Yeadon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Luke was the the leasehold proprietor of a 2 bedroom flat in Rawdon and Yeadon on the market with a lease of a little over fifty eight years outstanding. Luke informally approached his landlord a well known Bristol-based freehold company for a lease extension. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. No ground rent would be payable on a lease extension were Luke to invoke his statutory right. Luke procured expert advice and was able to make an informed decision and handle with the matter and readily saleable.
In 2012 we were phoned by Mr and Mrs. A Miller who, having was assigned a lease of a recently refurbished flat in Rawdon and Yeadon in July 2001. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by 90 years. Comparative homes in Rawdon and Yeadon with an extended lease were valued around £208,600. The mid-range ground rent payable was £60 invoiced yearly. The lease end date was in 2083. Given that there were 57 years remaining we calculated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 not including costs.
Last month we were contacted by Ms Isabel Kelly , who bought a first floor flat in Rawdon and Yeadon in May 2007. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by a further 90 years. Comparative residencies in Rawdon and Yeadon with 100 year plus lease were worth £200,000. The average amount of ground rent was £50 billed every twelve months. The lease elapsed on 15 October 2103. Considering the 77 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.