Main reasons to commence your Yaxley lease extension

Why you should start your Yaxley lease extension today:

Increase your lease and increase your Yaxley property value

The only way is down when it comes to Yaxley lease terms. Yaxley properties that have a lease term lower than eighty years will de-escalate in value even faster, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold properties in Yaxley with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

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

Nearly all mortgage companies will be unwilling to lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Yaxley property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Yaxley?

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

Yaxley Lease Extension Case Studies:

Chelsea, Yaxley, Cambridgeshire,

Trailing lengthy negotiations with the landlord of her purpose-built flat in Yaxley, Chelsea started the lease extension process just as the lease was nearing the critical eighty-year deadline. The legal work was concluded in March 2010. The landlord’s charges were restricted to about 700 pounds.

Yaxley case:

Last Autumn we were called by Mr and Mrs. U Johnson , who bought a first floor apartment in Yaxley in January 2002. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparative residencies in Yaxley with a long lease were in the region of £191,400. The mid-range amount of ground rent was £55 collected per annum. The lease lapsed in 2080. Taking into account 54 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £34,200 and £39,600 not including professional charges.

Yaxley case:

Last Christmas we were contacted by Mr B Dupont , who acquired a one bedroom apartment in Yaxley in March 2007. The dilemma was if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative flats in Yaxley with a long lease were worth £295,000. The average amount of ground rent was £45 billed quarterly. The lease ran out in 2100. Given that there were 74 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.