Why you should start your Swanland lease extension

Main reasons to commence your Swanland lease extension today:

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

Swanland residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

Swanland property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

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

The definition of a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This will be problematic as and when you need to dispose of or refinance your property as it will be effectively unmortgageable. Even though you might not have an immediate plan to sell but when you do your buyer will need to hold off for 2 years before they can exercise the right to a a lease extension.

What makes us experts in Swanland lease extensions?

Irrespective of whether you are a tenant or a landlord in Swanland,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Swanland valuers.

Swanland Lease Extension Example Cases:

Finn, Swanland, East Yorkshire,

Finn was the the leasehold proprietor of a studio apartment in Swanland being marketed with a lease of a little over 61 years left. Finn informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 annually. No ground rent would be due on a lease extension were Finn to invoke his statutory right. Finn obtained expert advice and secured satisfactory deal informally and sell the flat.

Swanland case:

Last Winter we were contacted by Dr Daisy Turner , who owned a one bedroom flat in Swanland in September 2010. The question was if we could estimate the price would be to extend the lease by an additional years. Comparable properties in Swanland with 100 year plus lease were in the region of £243,000. The average ground rent payable was £65 billed annually. The lease elapsed in 2089. Having 63 years outstanding we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 plus professional charges.

Swanland case:

Mrs Melissa White purchased a basement apartment in Swanland in August 1995. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Similar premises in Swanland with 100 year plus lease were valued about £181,600. The average ground rent payable was £55 invoiced every twelve months. The lease expired on 27 August 2078. Having 52 years remaining we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 plus fees.