Top reasons for Skipton lease extension

Main reasons to start your Skipton lease extension today:

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

The re-sale value of a leasehold property in Skipton is impacted by how many years the lease has left to run. If it is close to or less than 80 years you should expect problems on re-sale, so it is advisable to arrange for a lease extension prior to purchasing. Ideally one should start the process of extending the lease is when a lease still has 82 years unexpired so that all matters can be concluded well before the eighty year threshold. Leasehold Reform legislation enables Skipton qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of ninety years. The reason of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

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

Banks and Building Societies may not issue a mortgage with a short lease

Almost all mortgage lenders require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should bear in mind that it is probable 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 could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Skipton lease extensions?

Engaging our service will provide you better control over the value of your Skipton leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Skipton Lease Extension Example Cases:

Kai, Skipton, North Yorkshire

Twenty four months ago Kai, started to get close to the 80-year threshold with the lease on his garden apartment in Skipton. In buying his flat two decades ago, the lease term was of minimal relevance. Luckily, he noticed he would soon be paying an inflated amount for Extending the lease. Kai extended the lease just under the wire in September. Kai and the landlord who owned the flat above ultimately settled on the final figure of £5,500 . If he had missed the deadline, the price would have escalated by a minimum £975.

Skipton case:

Last June we were phoned by Dr J Turner , who completed a first floor apartment in Skipton in September 1995. The dilemma was if we could shed any light on how much (approximately) price would likely be to prolong the lease by ninety years. Similar homes in Skipton with 100 year plus lease were worth £242,600. The mid-range ground rent payable was £45 invoiced monthly. The lease terminated on 5 October 2093. Considering the 67 years remaining we approximated the premium to the freeholder for the lease extension to be between £11,400 and £13,200 plus legals.

Skipton case:

In 2009 we were phoned by Ms M Taylor who, having completed a one bedroom apartment in Skipton in January 2009. The question was if we could estimate the price would likely be to prolong the lease by an additional years. Comparable properties in Skipton with 100 year plus lease were worth £280,000. The average ground rent payable was £55 collected monthly. The lease expired on 15 January 2104. Given that there were 78 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 plus costs.