Top reasons for Welton lease extension

Main reasons to start your Welton lease extension today:

Increase your lease and increase your Welton property value

Welton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Welton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Welton you would be well advised to investigate if your lease has between 70 and ninety years left. There are good reasons why a Welton flat owner with a lease having around 80 years remaining should take action to make sure that a lease extension is put in place without delay

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not loan monies on a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you wish to sell your flat in Welton if the remaining lease term is less than the criteria set by the majority of lenders. Different mortgage companies have different criteria but in the main they are looking for a minimum remaining lease term of 65 years.

What makes us experts in Welton lease extensions?

Regardless of whether you are a tenant or a freeholder in Welton,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Welton valuers.

Welton Lease Extension Case Studies:

Noah, Welton, East Yorkshire

Half a year ago Noah, started to get near to the 80-year mark with the lease on his studio flat in Welton. In buying his home two decades ago, the unexpired term was of little significance. Fortunately, he realised he needed to take steps soon on Extending the lease. Noah was able to extend his lease just ahead of time last May. Noah and the landlord who owned the flat above in the end settled on the final figure of £5,500 . If the lease had dropped below 80 years, the price would have escalated by at least £875.

Welton case:

In 2011 we were called by Mrs Louise Cook who, having took over the lease of a one bedroom apartment in Welton in February 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year lease extension. Identical properties in Welton with an extended lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected per annum. The lease lapsed on 16 October 2091. Considering the 65 years remaining we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including legals.

Welton case:

Mr and Mrs. E Dupont bought a basement flat in Welton in March 2009. The dilemma was if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Identical homes in Welton with 100 year plus lease were in the region of £270,000. The average ground rent payable was £55 collected per annum. The lease end date was in 2102. Considering the 76 years remaining we estimated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.