It’s a harsh certainty that a Yeadon residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Yeadon property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher premium will be payable. The majority of leasehold owners in Yeadon will be able to extend under the legislation; however a conveyancer should be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the formalities.
It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. |
| Royal Bank of Scotland | Mortgage term plus 30 years. |
Lease extensions in Yeadon can be a difficult process. We recommend you get guidance from a conveyancing solicitor and surveyor with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Yeadon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Samuel owned a studio apartment in Yeadon being marketed with a lease of fraction over sixty years left. Samuel informally contacted his landlord a well known London-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Samuel to invoke his statutory right. Samuel procured expert advice and secured an acceptable deal without going to tribunal and sell the flat.
Last Autumn we were phoned by Mr J Moreau , who owned a ground floor flat in Yeadon in September 2008. The question was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative homes in Yeadon with an extended lease were in the region of £183,600. The mid-range amount of ground rent was £65 billed quarterly. The lease finished on 8 October 2082. Given that there were 57 years left we calculated the premium to the landlord for the lease extension to be within £28,500 and £33,000 not including fees.
Last Winter we were phoned by Mr and Mrs. L Taylor , who purchased a one bedroom flat in Yeadon in January 2000. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Identical flats in Yeadon with a long lease were in the region of £245,000. The mid-range ground rent payable was £50 invoiced annually. The lease terminated on 27 July 2093. Given that there were 68 years unexpired we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.