Top reasons for Shipley lease extension

Main reasons to start your Shipley lease extension today:

Increase your lease and increase your Shipley property value

Shipley 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 gets more expensive. Most owners of residential leasehold property in Shipley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Shipley you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are compelling reasons why a Shipley leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Shipley with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. 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.

Lending institutions will not lend with a short lease

Many mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone intending to buy your property in the future might well do, so if they are not able to obtain a mortgage, then the financial worth of the property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Shipley lease extension solicitors or enfranchisement solicitors

Retaining our service gives you enhanced control over the value of your Shipley leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Shipley Lease Extension Example Cases:

Laura, Shipley, West Yorkshire,

In the wake of 9 months of lengthy negotiations with the landlord of her garden flat in Shipley, Laura started the lease extension process just as the lease was nearing the critical 80-year deadline. The lease extension completed in July 2010. The landlord’s costs were negotiated to approximately 450 pounds.

Shipley case:

Last Winter we were approach by Mr and Mrs. W Baker , who owned a newly refurbished apartment in Shipley in April 2011. We are asked if we could approximate the price would likely be for a 90 year lease extension. Identical premises in Shipley with an extended lease were in the region of £290,000. The average amount of ground rent was £45 collected annually. The lease concluded in 2099. Given that there were 73 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.

Shipley case:

Mrs Jessica Allen purchased a studio apartment in Shipley in April 2009. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Similar premises in Shipley with 100 year plus lease were worth £235,600. The average ground rent payable was £60 billed annually. The lease expired on 6 October 2088. Considering the 62 years left we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus costs.