Why you should commence your Yatton lease extension

Why you should start your Yatton lease extension today:

A Yatton leasehold property depreciates with the years remaining on the lease.

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

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

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.

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

Retaining our service will provide you increased control over the value of your Yatton leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Yatton Lease Extension Case Studies:

Charlotte, Yatton, North Somerset,

Following protracted correspondence with the freeholder of her two bedroom flat in Yatton, Charlotte initiated the lease extension process as the eighty year threshold was rapidly advancing. The transaction was concluded in September 2013. The landlord’s charges were kept to an absolute minimum.

Yatton case:

Ms T Richardson took over the lease of a studio apartment in Yatton in January 1995. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Comparable flats in Yatton with 100 year plus lease were worth £176,200. The mid-range amount of ground rent was £65 billed quarterly. The lease termination date was on 23 September 2082. Given that there were 56 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £29,500 and £34,000 exclusive of costs.

Yatton case:

Mrs E Richardson bought a basement apartment in Yatton in November 2003. The question was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparable residencies in Yatton with an extended lease were in the region of £242,600. The average ground rent payable was £45 invoiced annually. The lease expired in 2093. Considering the 67 years left we calculated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 plus costs.