Main reasons to commence your Skipton lease extension

Why you should commence your Skipton lease extension today:

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

For anyone whose Skipton flat is held on a long lease, our message is clear – if no remedial action is taken, the property will eventually revert to the freeholder, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension.

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

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

Mortgage companies do not like short residential leases. You most probably experience problems where you want to sell your flat in Skipton if the remaining lease term is under the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Skipton lease extensions?

Lease extensions in Skipton can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Skipton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Skipton Lease Extension Case Summaries:

Toby, Skipton, North Yorkshire

18 months ago Toby, started to get close to the eighty-year mark with the lease on his garden apartment in Skipton. Having bought his flat two decades ago, the unexpired term was of little interest. by good luck, he noticed he would soon be paying way over the odds for Extending the lease. Toby arranged for a lease extension just in the nick of time last January. Toby and the landlord who owned the flat above subsequently agreed on sum of £5,500 . If the lease had dipped to less than eighty years, the figure would have become more exhorbitant by at least £925.

Skipton case:

Last Winter we were phoned by Dr U Adams , who took over the lease of a purpose-built apartment in Skipton in June 1998. We are asked if we could estimate the premium would be for a ninety year lease extension. Comparable homes in Skipton with a long lease were in the region of £168,800. The mid-range ground rent payable was £60 collected annually. The lease concluded in 2081. Having 55 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 not including expenses.

Skipton case:

Last month we were e-mailed by Dr Finn Phillips , who was assigned a lease of a garden apartment in Skipton in July 2011. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparable properties in Skipton with a long lease were worth £235,200. The average amount of ground rent was £45 invoiced per annum. The lease ended in 2092. Given that there were 66 years remaining we calculated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 exclusive of legals.