Main reasons to start your Selby lease extension

Why you should commence your Selby lease extension today:

Increase your lease and increase your Selby property value

Selby leases on domestic deteriorating in value. if your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Selby will mostly be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In certain situations you may not qualify. There are also strict timetables and steps to follow once the process is initiated so it’s best to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Selby with in excess of one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations 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 may not grant a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Selby if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different lenders have varying criteria but generally theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Selby lease extensions?

The conveyancing solicitors that we work with handle Selby 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 conveyancing solicitor we work with provide it.

Selby Lease Extension Case Studies:

Alice, Selby, North Yorkshire,

In the wake of 9 months of unsuccessful correspondence with the freeholder of her leasehold flat in Selby, Alice initiated the lease extension process just as her lease was nearing the all-important eighty-year threshold. The legal work completed in April 2015. The landlord’s fees were kept to an absolute minimum.

Selby case:

Last January we were e-mailed by Mr and Mrs. T Hill , who purchased a purpose-built apartment in Selby in February 2011. We are asked if we could estimate the premium would be for a ninety year lease extension. Similar homes in Selby with a long lease were worth £260,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease concluded in 2098. Having 72 years remaining we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.

Selby case:

Last Winter we were contacted by Mr and Mrs. H Lefèvre , who moved into a basement flat in Selby in September 2011. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Similar premises in Selby with an extended lease were valued around £261,600. The average ground rent payable was £60 billed monthly. The lease termination date was in 2078. Given that there were 52 years remaining we approximated the compensation to the landlord to extend the lease to be between £39,000 and £45,000 plus expenses.