Top reasons for Yaxley lease extension

Main reasons to commence your Yaxley lease extension today:

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

Yaxley 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 becomes more expensive. It is the case that most Yaxley tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Yaxley you would be well advised to investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

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

Most banks have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as inadequate for lending purposes.

What makes us experts in Yaxley lease extensions?

Irrespective of whether you are a tenant or a landlord in Yaxley,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Yaxley valuers.

Yaxley Lease Extension Case Studies:

Georgina, Yaxley, Cambridgeshire,

Off the back of unsuccessful correspondence with the landlord of her studio flat in Yaxley, Georgina commenced the lease extension process as the eighty year mark was rapidly advancing. The lease extension was concluded in August 2015. The freeholder’s fees were negotiated to under 550 GBP.

Yaxley case:

Ms Samantha Hall moved into a one bedroom flat in Yaxley in March 2004. The dilemma was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative properties in Yaxley with 100 year plus lease were worth £280,000. The average amount of ground rent was £45 collected annually. The lease came to a finish on 6 June 2096. Taking into account 70 years left we approximated the premium to the landlord to extend the lease to be between £12,400 and £14,200 not including costs.

Yaxley case:

Mrs T Lee moved into a garden apartment in Yaxley in November 2011. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by ninety years. Identical homes in Yaxley with an extended lease were worth £218,400. The mid-range amount of ground rent was £60 billed monthly. The lease elapsed in 2085. Considering the 59 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £27,600 and £31,800 not including expenses.