Top reasons for Yaxley lease extension

Main reasons to start your Yaxley lease extension today:

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

There is no doubt about it a leasehold flat or house in Yaxley is a wasting asset as a result of the shortening lease. Where the lease has, more than one hundred years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should consider extending sooner as opposed to later. Most flat owners in Yaxley will qualify for this right; that being said a conveyancing solicitor can advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Yaxley with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not finance a property on a short lease

Mortgage companies do not lend on short residential leases. You most probably encounter difficulties if you need to sell your flat in Yaxley if the unexpired lease term is less than the criteria set by the majority of mortgage companies. Different lenders have different criteria but generally theyrequire an unexpired term of at least 65 years.

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

Irrespective of whether you are a tenant or a landlord in Yaxley,the lease extension lawyers 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 Yaxley valuers.

Yaxley Lease Extension Example Cases:

Anna, Yaxley, Cambridgeshire,

After protracted negotiations with the landlord of her leasehold apartment in Yaxley, Anna initiated the lease extension process as the eighty year deadline was quickly coming. The legal work completed in February 2015. The landlord’s costs were kept to an absolute minimum.

Yaxley case:

In 2011 we were approached by Mr and Mrs. H Taylor who, having purchased a recently refurbished flat in Yaxley in November 2004. The question was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative flats in Yaxley with 100 year plus lease were valued around £235,600. The average ground rent payable was £60 billed annually. The lease ran out in 2088. Taking into account 62 years remaining we estimated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus fees.

Yaxley case:

Last Christmas we were approach by Dr L Mitchell , who bought a basement flat in Yaxley in August 2000. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Similar premises in Yaxley with 100 year plus lease were valued about £174,200. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ran out on 9 July 2077. Taking into account 51 years remaining we approximated the compensation to the landlord for the lease extension to be within £31,400 and £36,200 exclusive of costs.