Main reasons to commence your Shadwell lease extension

Main reasons to start your Shadwell lease extension today:

A Shadwell leasehold property depreciates with the years remaining on the lease.

The value of Shadwell leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase substantially once the remaining term is below than eighty years

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

Leasehold premises in Shadwell with in excess of one hundred years left 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 circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not lend on a short lease

Nearly all mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone intending to purchase your property in the future might well do, so where they can't get a mortgage, then the financial worth of the property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Shadwell lease extensions?

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

Shadwell Lease Extension Case Studies:

Ollie, Shadwell, Leeds

In recent months Ollie, came very near to the eighty-year mark with the lease on his one bedroom apartment in Shadwell. In buying his home 19 years previously, the unexpired term was of no importance. Thankfully, he noticed he would soon be paying way over the odds for Extending the lease. Ollie was able to extend his lease just in the nick of time last April. Ollie and the landlord in the end agreed on sum of £6,000 . If the lease had gone below 80 years, the amount would have become more exhorbitant by a minimum £900.

Shadwell case:

Last Christmas we were phoned by Mr Y Johnson , who bought a purpose-built flat in Shadwell in October 1995. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Comparative premises in Shadwell with a long lease were in the region of £290,000. The average ground rent payable was £45 invoiced monthly. The lease ended in 2099. Having 73 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.