Top reasons for Tickton lease extension

Main reasons to start your Tickton lease extension today:

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

The only way is down when it comes to Tickton lease terms. Tickton flats that have a lease term fewer than 80 years will de-escalate in market price at a rapid rate, and the cost to extend your lease will rise.

Tickton property with a lease extension is almost the same value as a freehold

Leasehold premises in Tickton with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Lending institutions may not finance a property on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This will cause difficulties once you come to sell or refinance your property as it will be practically unmortgageable. You might not have an imminent desire to sell but when you do your purchaser will have to hold off for 2 years before they can exercise the right to a an extension to the lease.

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

Retaining our service gives you increased control over the value of your Tickton leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Tickton Lease Extension Case Summaries:

Robyn, Tickton, East Yorkshire,

After unsuccessful correspondence with the freeholder of her one bedroom apartment in Tickton, Robyn initiated the lease extension process just as her lease was approaching the critical 80-year threshold. The legal work was finalised in November 2005. The freeholder’s charges were negotiated to under six hundred GBP.

Tickton case:

Last year we were called by Mr H André , who was assigned a lease of a one bedroom flat in Tickton in May 2009. The dilemma was if we could approximate the premium would likely be for a 90 year lease extension. Similar residencies in Tickton with 100 year plus lease were valued about £280,000. The average amount of ground rent was £45 billed every twelve months. The lease expiry date was on 22 August 2096. Considering the 70 years left we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 not including fees.

Tickton case:

Mr and Mrs. G Wright purchased a one bedroom apartment in Tickton in November 2006. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparative residencies in Tickton with an extended lease were worth £223,400. The average ground rent payable was £60 billed every twelve months. The lease terminated in 2085. Taking into account 59 years left we calculated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 not including professional charges.