Top reasons for Tadcaster lease extension

Top reasons for lease extension now:

Increase your lease and increase your Tadcaster property value

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

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for many years ahead.

Lenders will not lend with a short lease

Lenders do not like short residential leases. You are likely to encounter problems where you want to sell your flat in Tadcaster if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but on the whole they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Tadcaster?

Lease extensions in Tadcaster can be a difficult process. We recommend you procure professional help from a lawyer and valuer with experience in this area.

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 procuring Tadcaster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tadcaster Lease Extension Case Studies:

Cameron, Tadcaster, North Yorkshire,

Cameron owned a 2 bedroom apartment in Tadcaster on the market with a lease of just over sixty years remaining. Cameron informally approached his freeholder a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Cameron to exercise his statutory right. Cameron procured expert legal guidance and secured satisfactory deal informally and sell the property.

Tadcaster case:

Mr and Mrs. L Collins moved into a one bedroom flat in Tadcaster in November 1999. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparable homes in Tadcaster with a long lease were in the region of £210,000. The average ground rent payable was £50 invoiced every twelve months. The lease concluded on 18 August 2106. Taking into account 80 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including fees.

Tadcaster case:

Mrs T Sharif purchased a ground floor flat in Tadcaster in April 2002. We are asked if we could estimate the price would likely be for a ninety year lease extension. Comparable properties in Tadcaster with a long lease were worth £275,000. The mid-range amount of ground rent was £45 collected quarterly. The lease ran out in 2095. Given that there were 69 years unexpired we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of expenses.