Why you should commence your Ulceby lease extension

Main reasons to commence your Ulceby lease extension today:

A Ulceby leasehold property depreciates with the years remaining on the lease.

Chances are that where you own a flat in Ulceby you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This will be problematic when you need to sell or remortgage your property as it will be effectively unmortgageable. You may not have an immediate plan to sell but when you do your purchaser must hold off for two years before being able to initiate the legal procedures for a lease extension.

What makes us experts in Ulceby lease extensions?

Using our service gives you enhanced control over the value of your Ulceby leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Ulceby Lease Extension Case Summaries:

Charlie, Ulceby, Lincolnshire

16 months ago Charlie, came critically near to the eighty-year threshold with the lease on his purpose- built apartment in Ulceby. Having bought his home two decades ago, the length of the lease was of little interest. Luckily, he became aware that he needed to take steps soon on Extending the lease. Charlie was able to extend his lease at the eleventh hour in April. Charlie and the landlord who owned the flat above in the end agreed on sum of £5,500 . If he not met the deadline, the sum would have escalated by at least £1,150.

Ulceby case:

In 2009 we were approached by Dr Erin Jackson who, having owned a ground floor apartment in Ulceby in January 1998. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Comparable residencies in Ulceby with a long lease were valued around £223,400. The mid-range amount of ground rent was £60 invoiced yearly. The lease expired in 2085. Given that there were 59 years outstanding we estimated the premium to the landlord for the lease extension to be between £27,600 and £31,800 not including expenses.

Ulceby case:

Last month we were called by Mr and Mrs. A Mitchell , who acquired a purpose-built apartment in Ulceby in November 2008. We are asked if we could shed any light on how much (roughly) price would be to prolong the lease by a further 90 years. Comparative residencies in Ulceby with 100 year plus lease were valued around £210,000. The mid-range amount of ground rent was £50 billed per annum. The lease terminated in 2105. Given that there were 79 years left we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of professional charges.