Top reasons for Rawdon lease extension

Why you should start your Rawdon lease extension today:

Increase your lease and increase your Rawdon property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. your lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Rawdon. Clearly, the period of lease remaining reduces over time. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Rawdon have the legal entitlement to extend the lease for a further 90 years under statute. Do give careful consideration before delaying your Rawdon lease extension. Holding off that expense now likely increases the price you will eventually have to pay for a lease extension

Rawdon property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies with a short lease

What makes us experts in Rawdon lease extensions?

Engaging our service will provide you increased control over the value of your Rawdon leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Rawdon Lease Extension Example Cases:

Rory, Rawdon, Leeds

In 2014 Rory, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Rawdon. In buying his property twenty years previously, the lease term was of minimal significance. Fortunately, it dawned on him that he needed to take steps soon on a lease extension. Rory was able to extend his lease just ahead of time in April. Rory and the freeholder eventually settled on a premium of £6,000 . If the lease had slid below 80 years, the premium would have increased by a minimum £1,150.

Rawdon case:

Last month we were contacted by Mrs Millie King , who was assigned a lease of a newly refurbished apartment in Rawdon in March 2001. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical flats in Rawdon with an extended lease were worth £246,800. The mid-range amount of ground rent was £60 invoiced yearly. The lease terminated in 2076. Having 50 years outstanding we estimated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 plus legals.

Rawdon case:

Last July we were e-mailed by Dr R Flores , who acquired a garden flat in Rawdon in October 2009. We are asked if we could approximate the price could be to extend the lease by a further 90 years. Comparative flats in Rawdon with a long lease were worth £203,200. The average ground rent payable was £65 collected monthly. The lease ended on 23 July 2087. Given that there were 61 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £19,000 and £22,000 plus costs.