Top reasons for Yaxley lease extension

Top reasons for lease extension now:

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

The market value of Yaxley leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is below than eighty years

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

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

Lenders may decide not to issue a mortgage with a short lease

Most high street banks are tightening their criteria and a meaningful number now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. Given that many flats in Yaxley were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in Yaxley?

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

Yaxley Lease Extension Case Studies:

Georgia, Yaxley, Cambridgeshire,

After lengthy discussions with the freeholder of her basement flat in Yaxley, Georgia initiated the lease extension process as the 80 year mark was rapidly approaching. The legal work was concluded in January 2008. The landlord’s costs were kept to an absolute minimum.

Yaxley case:

Ms J Pérez completed a one bedroom flat in Yaxley in October 2006. We are asked if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Yaxley with 100 year plus lease were in the region of £260,200. The mid-range ground rent payable was £65 billed annually. The lease expired on 7 April 2092. Taking into account 66 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £16,200 and £18,600 not including fees.

Yaxley case:

Mr and Mrs. O Smith purchased a ground floor apartment in Yaxley in November 2005. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparable properties in Yaxley with 100 year plus lease were in the region of £198,800. The mid-range ground rent payable was £55 billed every twelve months. The lease expiry date was in 2081. Taking into account 55 years as a residual term we approximated the premium to the landlord for the lease extension to be within £33,300 and £38,400 exclusive of costs.