Yeadon leases on residential properties are gradually losing value. if your lease has approximately 90 years left, you should start thinking about a lease extension. Eighty years is a significant number: when the unexpired term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Yeadon will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are prescribed timetables and steps to follow once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.
It is generally considered that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| TSB | |
| Yorkshire Building Society |
Using our service will provide you better control over the value of your Yeadon leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Elijah was the the leasehold owner of a 2 bedroom apartment in Yeadon on the market with a lease of a few days over 59 years outstanding. Elijah informally contacted his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 yearly. No ground rent would be due on a lease extension were Elijah to exercise his statutory right. Elijah procured expert advice and secured satisfactory resolution without resorting to tribunal and ending up with a market value flat.
Mr and Mrs. R Brown bought a recently refurbished flat in Yeadon in February 2000. We are asked if we could approximate the price could be to prolong the lease by 90 years. Comparative homes in Yeadon with 100 year plus lease were in the region of £235,200. The average amount of ground rent was £45 collected annually. The lease expired on 25 October 2092. Having 66 years remaining we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.
Last month we were approach by Mr and Mrs. I Martin , who acquired a one bedroom flat in Yeadon in June 1996. We are asked if we could estimate the price would likely be for a 90 year lease extension. Similar premises in Yeadon with an extended lease were worth £275,000. The average ground rent payable was £55 invoiced per annum. The lease finished in 2103. Given that there were 77 years outstanding we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.