Why you should commence your Todwick lease extension

Top reasons for lease extension now:

Increase your lease and increase your Todwick property value

Unfortunately that a Todwick 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 deflation being disguised by increases in the Todwick property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term falls below 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Todwick will be able to extend under the legislation; however a conveyancer should be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer for the duration of the formalities.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions will not loan monies on a short lease

Nearly all banks and building societies will not grant a mortgage on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this will result in your Todwick property becoming difficult to dispose of or remortgage.

Why use us for your lease extension in Todwick?

The lawyers that we work with handle Todwick 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.

Todwick Lease Extension Case Summaries:

Danielle, Todwick, South Yorkshire,

Trailing protracted correspondence with the freeholder of her leasehold flat in Todwick, Danielle commenced the lease extension process just as her lease was nearing the all-important 80-year threshold. The transaction was finalised in March 2006. The landlord’s fees were kept to an absolute minimum.

Todwick case:

Last Christmas we were phoned by Dr K Petit , who completed a studio flat in Todwick in July 2006. The dilemma was if we could approximate the price would be to prolong the lease by a further 90 years. Similar residencies in Todwick with an extended lease were valued about £260,000. The average ground rent payable was £50 invoiced annually. The lease terminated on 19 June 2098. Given that there were 72 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.

Todwick case:

Mrs Natalie François owned a garden apartment in Todwick in May 1995. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparable premises in Todwick with a long lease were in the region of £261,600. The average amount of ground rent was £60 billed per annum. The lease elapsed on 5 May 2078. Taking into account 52 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 not including fees.