Top reasons for Tickton lease extension

Why you should commence your Tickton lease extension today:

Increase your lease and increase your Tickton property value

The market value of Tickton 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 increase significantly once the remaining term is below than eighty years

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. Historically mortgage companies were content with 25 years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Tickton lease extensions?

Lease extensions in Tickton can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in lease extensions.

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 a wealth of experience procuring Tickton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Tickton Lease Extension Case Studies:

Charlotte, Tickton, East Yorkshire,

After protracted negotiations with the landlord of her leasehold flat in Tickton, Charlotte initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The transaction was concluded in January 2008. The freeholder’s fees were kept to an absolute minimum.

Tickton case:

Dr V Sánchez took over the lease of a first floor apartment in Tickton in August 2004. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative premises in Tickton with an extended lease were valued about £198,800. The average amount of ground rent was £55 invoiced per annum. The lease came to a finish on 26 November 2081. Considering the 55 years outstanding we estimated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including fees.

Tickton case:

In 2010 we were called by Mr and Mrs. T Rogers who, having was assigned a lease of a one bedroom flat in Tickton in April 2009. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparative residencies in Tickton with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £50 collected per annum. The lease finished on 23 August 2101. Taking into account 75 years remaining we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of costs.