Top reasons for Welton lease extension

Why you should commence your Welton lease extension today:

Increase your lease and increase your Welton property value

On the balance of probabilities where you own a flat in Welton you actually own a long leasehold interest over your property

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

It is generally considered that a residential leasehold with in excess of 100 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 premises will be worth the same as a freehold for decades to come.

Lending institutions may not issue a mortgage on a short lease

Mortgage lenders have set criteria when loaning monies secured on leasehold property. Some will simply refuse lend at all once the residual lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years suitable security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Welton property.

What makes us experts in Welton lease extensions?

The conveyancers that we work with procure Welton 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.

Welton Lease Extension Case Summaries:

Georgina, Welton, East Yorkshire,

After protracted correspondence with the landlord of her two bedroom apartment in Welton, Georgina initiated the lease extension process just as the lease was coming close to the critical 80-year deadline. The transaction completed in April 2012. The landlord’s charges were negotiated to below 650 GBP.

Welton case:

Dr V Ramírez owned a garden flat in Welton in November 2010. The question was if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparable residencies in Welton with 100 year plus lease were worth £203,200. The mid-range ground rent payable was £65 collected monthly. The lease terminated in 2087. Considering the 61 years unexpired we calculated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 plus professional charges.

Welton case:

Mr and Mrs. V González moved into a one bedroom flat in Welton in January 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable properties in Welton with a long lease were valued around £260,000. The average ground rent payable was £50 billed every twelve months. The lease finished in 2098. Given that there were 72 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.