Main reasons to start your Tickton lease extension

Main reasons to commence your Tickton lease extension today:

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

There is no doubt about it a leasehold property in Tickton is a wasting asset as a result of the diminishing lease term. If the residual term has, over 100 years remaining then this decrease may be negligible however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. Most flat owners in Tickton will qualify for this right; however a conveyancing solicitor should be able to confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Tickton with over one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may not loan monies with a short lease

Most mortgage lenders have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are regarded as deficient for lending purposes.

What makes us experts in Tickton lease extensions?

Lease extensions in Tickton can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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:

Oliver, Tickton, East Yorkshire

Last October Oliver, started to get close to the 80-year mark with the lease on his first floor apartment in Tickton. Having purchased his flat two decades ago, the length of the lease was of little importance. Fortunately, he noticed he needed to take steps soon on a lease extension. Oliver was able to extend his lease just ahead of time in August. Oliver and the landlord in the end settled on a premium of £5,500 . If the lease had fallen lower than eighty years, the premium would have gone up by at least £950.

Tickton case:

In 2013 we were contacted by Dr Seth Wilson who, having purchased a ground floor apartment in Tickton in May 2001. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar homes in Tickton with 100 year plus lease were in the region of £295,000. The average amount of ground rent was £45 billed per annum. The lease lapsed in 2100. Considering the 74 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 plus fees.

Tickton case:

In 2009 we were approached by Mr L Leroy who, having bought a purpose-built apartment in Tickton in September 2011. We are asked if we could estimate the premium would be for a 90 year lease extension. Similar residencies in Tickton with an extended lease were valued around £243,000. The average ground rent payable was £65 billed yearly. The lease expiry date was on 3 May 2089. Taking into account 63 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £20,000 and £23,000 exclusive of legals.