Main reasons to commence your Yateley lease extension

Why you should start your Yateley lease extension today:

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

Yateley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Yateley enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Yateley you really ought to check if your lease has between seventy and ninety years left. There are compelling reasons why a Yateley leaseholder with a lease having around eighty years remaining should take steps to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

Leasehold premises in Yateley with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders will not issue a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become jittery at around 75 years. This will be problematic once you wish to market or refinance your property as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer must hold off for 2 years before being able to initiate the legal procedures for a lease extension.

What makes us experts in Yateley lease extensions?

Lease extensions in Yateley can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer with experience in this area.

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 a wealth of experience procuring Yateley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Yateley Lease Extension Case Summaries:

Isabel, Yateley, Hampshire,

In the wake of eight months of protracted correspondence with the landlord of her garden flat in Yateley, Isabel initiated the lease extension process just as the lease was coming close to the critical eighty-year mark. The transaction completed in June 2006. The landlord’s costs were negotiated to slightly above 550 GBP.

Yateley case:

Mrs Jasmine Alexander took over the lease of a recently refurbished apartment in Yateley in March 2002. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Comparable premises in Yateley with an extended lease were valued around £260,000. The average amount of ground rent was £50 invoiced annually. The lease ran out on 21 June 2098. Considering the 72 years left we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of expenses.

Yateley case:

Mr and Mrs. O Green completed a purpose-built flat in Yateley in April 2010. We are asked if we could approximate the premium would likely be for a 90 year lease extension. Identical premises in Yateley with an extended lease were valued around £261,600. The mid-range ground rent payable was £60 billed yearly. The lease elapsed on 5 January 2078. Considering the 52 years remaining we approximated the compensation to the freeholder to extend the lease to be between £39,000 and £45,000 plus costs.