Why you should start your Victoria Dock lease extension

Top reasons for lease extension now:

Increase your lease and increase your Victoria Dock property value

For anyone whose Victoria Dock flat is held on a long lease, the message is clear – if nothing is done, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not lend with a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold homes. Many will simply refuse lend at all once an unexpired lease term goes below a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Victoria Dock property.

What makes us experts in Victoria Dock lease extensions?

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 lawyer we work with provide it.

Victoria Dock Lease Extension Example Cases:

Jude, Victoria Dock, East Yorkshire,

Jude owned a studio flat in Victoria Dock on the market with a lease of just over 72 years left. Jude on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jude to invoke his statutory right. Jude procured expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.

Victoria Dock case:

Mr K Moore was assigned a lease of a first floor apartment in Victoria Dock in October 2008. The question was if we could estimate the premium would be to extend the lease by a further 90 years. Comparable premises in Victoria Dock with a long lease were worth £210,000. The mid-range ground rent payable was £50 invoiced monthly. The lease termination date was on 19 October 2106. Taking into account 80 years left we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus expenses.

Victoria Dock case:

Last Summer we were approach by Mrs N Jones , who moved into a first floor apartment in Victoria Dock in September 2002. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by 90 years. Similar premises in Victoria Dock with an extended lease were worth £275,000. The average amount of ground rent was £45 billed annually. The lease came to a finish on 14 April 2095. Having 69 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of costs.