Why you should commence your Tickhill lease extension

Top reasons for lease extension now:

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

Unfortunately that a Tickhill residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Tickhill property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be payable. Most leasehold owners in Tickhill will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your lawyer for the duration of the process.

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

It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders may decide not to lend with a short lease

Lenders do not like short residential leases. You are likely to encounter difficulties where you wish to sell your flat in Tickhill if the unexpired lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Tickhill lease extensions?

The conveyancing solicitors that we work with handle Tickhill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Tickhill Lease Extension Example Cases:

Jade, Tickhill, South Yorkshire,

Trailing lengthy discussions with the landlord of her leasehold flat in Tickhill, Jade started the lease extension process just as her lease was coming close to the all-important eighty-year mark. The legal work was concluded in April 2006. The freeholder’s charges were kept to an absolute minimum.

Tickhill case:

Last month we were phoned by Mr and Mrs. G Robinson , who was assigned a lease of a newly refurbished apartment in Tickhill in May 2003. The question was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Comparative flats in Tickhill with 100 year plus lease were in the region of £210,000. The mid-range ground rent payable was £50 billed annually. The lease end date was in 2106. Having 80 years remaining we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of costs.

Tickhill case:

In 2009 we were approached by Mr and Mrs. V David who, having owned a recently refurbished apartment in Tickhill in August 1995. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative properties in Tickhill with an extended lease were in the region of £280,000. The average ground rent payable was £45 invoiced quarterly. The lease came to a finish in 2095. Given that there were 69 years as a residual term we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including legals.