Main reasons to start your Withernsea lease extension

Main reasons to commence your Withernsea lease extension today:

A Withernsea lease depreciates with the years remaining on the lease.

There is no doubt about it a leasehold property in Withernsea is a wasting asset as a result of the shortening lease. If the lease has, in excess of 99 years remaining then this decrease may be fractional nevertheless there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary rational as to why you should consider extending without delay. The majority of flat owners in Withernsea will meet the qualifying criteria; nevertheless a conveyancer will be able to confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold premises in Withernsea with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This may cause difficulties when you need to dispose of or refinance your property as it will be practically unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer must hold off for two years before they can exercise the right to a a lease extension.

Get in touch with one of our Withernsea lease extension solicitors or enfranchisement solicitors

Lease extensions in Withernsea can be a difficult process. We recommend you get guidance from a lawyer and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Withernsea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Withernsea Lease Extension Case Summaries:

Naomi, Withernsea, East Yorkshire,

Trailing protracted negotiations with the landlord of her ground floor apartment in Withernsea, Naomi commenced the lease extension process as the 80 year deadline was rapidly coming. The lease extension was finalised in May 2014. The landlord’s fees were kept to an absolute minimum.

Withernsea case:

Last Spring we were called by Dr K Lefebvre , who was assigned a lease of a one bedroom flat in Withernsea in January 2000. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative properties in Withernsea with a long lease were worth £260,000. The mid-range ground rent payable was £50 billed quarterly. The lease expired on 1 September 2098. Having 72 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.

Withernsea case:

Last April we were approach by Mr and Mrs. R Smith , who completed a studio apartment in Withernsea in January 2009. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparable residencies in Withernsea with a long lease were valued about £256,600. The mid-range amount of ground rent was £60 billed monthly. The lease terminated in 2078. Given that there were 52 years as a residual term we calculated the premium to the landlord to extend the lease to be within £39,000 and £45,000 not including fees.