Main reasons to commence your Victoria Dock lease extension

Top reasons for lease extension now:

Increase your lease and increase your Victoria Dock property value

The value of Victoria Dock leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than eighty years

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not lend with a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Victoria Dock property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Victoria Dock?

The lawyers that we work with handle Victoria Dock 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.

Victoria Dock Lease Extension Example Cases:

Alexander, Victoria Dock, East Yorkshire

In recent months Alexander, started to get close to the eighty-year threshold with the lease on his two bedroom flat in Victoria Dock. In buying his home 19 years ago, the unexpired term was of minimal interest. by good luck, he recognised he needed to take action soon on Extending the lease. Alexander arranged for a lease extension just under the wire in January. Alexander and the freeholder ultimately settled on sum of £6,000 . If he failed to meet the deadline, the figure would have become more exhorbitant by at least £1,050.

Victoria Dock case:

Last Winter we were called by Dr O Michel , who moved into a ground floor flat in Victoria Dock in April 2004. The question was if we could estimate the price would be to prolong the lease by 90 years. Identical properties in Victoria Dock with 100 year plus lease were valued around £275,000. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease finished on 25 May 2094. Having 68 years outstanding we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of fees.

Victoria Dock case:

Last April we were contacted by Mr and Mrs. L Kelly , who took over the lease of a studio flat in Victoria Dock in November 2004. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable premises in Victoria Dock with 100 year plus lease were worth £208,600. The mid-range ground rent payable was £60 collected yearly. The lease came to a finish on 4 August 2083. Given that there were 57 years remaining we calculated the premium to the landlord for the lease extension to be within £30,400 and £35,200 not including expenses.