Main reasons to commence your Sheffield lease extension

Main reasons to start your Sheffield lease extension today:

Increase your lease and increase your Sheffield property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Sheffield. Inevitably, the period of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the residence needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible long lease owners in Sheffield have the right to extend the lease for an additional ninety years in accordance with statute. You should give careful consideration before putting off your Sheffield lease extension. Holding off that expense now only increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in Sheffield with more than 100 years remaining 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 purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders may decide not to finance a property on a short lease

Most banks and building societies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is likely that someone wanting to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the value of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Sheffield lease extensions?

Irrespective of whether you are a tenant or a freeholder in Sheffield,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 Sheffield valuers.

Sheffield Lease Extension Case Summaries:

Natalie, Sheffield, South Yorkshire,

Following protracted negotiations with the landlord of her one bedroom apartment in Sheffield, Natalie commenced the lease extension process just as the lease was approaching the crucial eighty-year deadline. The transaction completed in March 2011. The freeholder’s charges were kept to an absolute minimum.

Sheffield case:

Last August we were phoned by Dr V King , who purchased a purpose-built apartment in Sheffield in June 2006. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by a further 90 years. Identical homes in Sheffield with an extended lease were in the region of £260,200. The average amount of ground rent was £65 invoiced monthly. The lease end date was on 11 October 2092. Considering the 66 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 exclusive of professional charges.

Sheffield case:

Mr and Mrs. B Green was assigned a lease of a first floor flat in Sheffield in October 1999. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Identical properties in Sheffield with an extended lease were worth £198,800. The average ground rent payable was £55 billed monthly. The lease ran out on 20 February 2081. Having 55 years remaining we estimated the compensation to the landlord to extend the lease to be between £33,300 and £38,400 plus legals.