Main reasons to start your Selby lease extension

Top reasons for lease extension now:

Increase your lease and increase your Selby property value

Selby leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. It is the case that most Selby tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Selby you must see if your lease has between seventy and ninety years left. There are good reasons why a Selby leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is put in place without delay

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

Leasehold residencies in Selby with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may decide not to loan monies on a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you want to sell your flat in Selby if the remaining lease term is below the criteria set by most mortgage companies. Different lenders have different criteria but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Selby?

Retaining our service gives you enhanced control over the value of your Selby leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Selby Lease Extension Example Cases:

Evan, Selby, North Yorkshire,

Evan owned a conversion apartment in Selby on the market with a lease of just over fifty eight years unexpired. Evan informally contacted his freeholder a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Evan to invoke his statutory right. Evan obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and readily saleable.

Selby case:

Dr Freddie David owned a garden apartment in Selby in April 2001. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable residencies in Selby with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 billed monthly. The lease concluded on 22 November 2079. Taking into account 53 years as a residual term we calculated the premium to the landlord for the lease extension to be within £37,100 and £42,800 not including fees.

Selby case:

Last Summer we were phoned by Dr W Jones , who moved into a recently refurbished apartment in Selby in November 2009. The question was if we could estimate the premium would be to prolong the lease by an additional years. Identical homes in Selby with 100 year plus lease were valued about £225,400. The mid-range amount of ground rent was £45 invoiced annually. The lease expiry date was in 2090. Considering the 64 years as a residual term we approximated the compensation to the freeholder to extend the lease to be between £15,200 and £17,600 not including expenses.