Top reasons for Scarborough lease extension

Top reasons for lease extension now:

Increase your lease and increase your Scarborough property value

For anyone whose Scarborough home is held on a long lease, the message is clear – if nothing is done, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

Scarborough property with a lease extension is almost the same value as a freehold

Leasehold residencies in Scarborough with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth 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 justify it.

Banks and Building Societies will not lend with a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Scarborough property becoming difficult to sell or remortgage.

Why use us for your lease extension in Scarborough?

Irrespective of whether you are a tenant or a landlord in Scarborough,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Scarborough valuers.

Scarborough Lease Extension Case Studies:

Lauren, Scarborough, North Yorkshire,

In the wake of 9 months of unsuccessful correspondence with the landlord of her studio flat in Scarborough, Lauren started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The lease extension completed in January 2005. The freeholder’s fees were negotiated to a tad over 600 GBP.

Scarborough case:

Mr R Leroy owned a recently refurbished flat in Scarborough in November 2004. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Comparative homes in Scarborough with a long lease were valued around £267,600. The mid-range ground rent payable was £65 collected every twelve months. The lease lapsed in 2093. Taking into account 67 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £14,300 and £16,400 exclusive of expenses.

Scarborough case:

Mr and Mrs. G Petit was assigned a lease of a one bedroom flat in Scarborough in November 2009. The dilemma was if we could approximate the compensation to the landlord would likely be for a 90 year extension to my lease. Similar properties in Scarborough with 100 year plus lease were in the region of £206,200. The average ground rent payable was £60 invoiced quarterly. The lease finished in 2082. Having 56 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of fees.