Main reasons to start your Swanland lease extension

Why you should commence your Swanland lease extension today:

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

The market value of Swanland leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Swanland with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not finance a property on a short lease

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

Using our service gives you enhanced control over the value of your Swanland leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Swanland Lease Extension Case Studies:

Katie, Swanland, East Yorkshire,

Following lengthy negotiations with the freeholder of her garden flat in Swanland, Katie initiated the lease extension process as the eighty year mark was quickly coming. The legal work completed in October 2014. The landlord’s charges were kept to an absolute minimum.

Swanland case:

Last year we were approach by Mr and Mrs. B Miller , who took over the lease of a ground floor apartment in Swanland in June 2004. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Identical premises in Swanland with a long lease were worth £200,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease elapsed on 4 February 2104. Taking into account 78 years outstanding we approximated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of costs.

Swanland case:

Ms B Green acquired a basement apartment in Swanland in October 2010. The dilemma was if we could estimate the price could be to extend the lease by ninety years. Identical properties in Swanland with a long lease were worth £267,600. The average amount of ground rent was £65 invoiced monthly. The lease elapsed in 2093. Taking into account 67 years left we calculated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 exclusive of fees.