Main reasons to start your Yeadon lease extension

Top reasons for lease extension now:

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

Yeadon leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Yeadon enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Yeadon you should check if your lease has between seventy and 90 years left. There are good reasons why a Yeadon flat owner with a lease having around 80 years remaining should take action to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lenders may not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This will cause difficulties when you wish to dispose of or refinance your flat as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your purchaser must hold off for two years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Yeadon?

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

Yeadon Lease Extension Case Summaries:

Kian, Yeadon, Leeds,

Kian was the the leasehold proprietor of a high value flat in Yeadon being sold with a lease of a few days over 59 years remaining. Kian on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Kian to exercise his statutory right. Kian obtained expert advice and secured an acceptable resolution informally and readily saleable.

Yeadon case:

In 2012 we were approached by Ms F Martinez who, having was assigned a lease of a studio apartment in Yeadon in November 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in Yeadon with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 invoiced yearly. The lease lapsed in 2080. Given that there were 54 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of professional charges.

Yeadon case:

In 2010 we were contacted by Dr L Martin who, having bought a studio flat in Yeadon in June 1998. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Comparative residencies in Yeadon with 100 year plus lease were in the region of £227,800. The mid-range ground rent payable was £45 collected every twelve months. The lease lapsed in 2091. Considering the 65 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus fees.