Top reasons for Yeovil lease extension

Why you should commence your Yeovil lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Yeovil have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. Please give careful consideration before delaying your Yeovil lease extension. Shelving the costs today simply escalates the premium you will ultimately be required to pay for a lease extension.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get jittery at around 75 years. This will be problematic as and when you come to market or remortgage your flat as it will be effectively unmortgageable. You may not have an imminent desire to sell but when you do your buyer must hold off for two years before they can initiate the legal procedures for an extension to the lease.

Get in touch with one of our Yeovil lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Yeovil 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 have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Yeovil Lease Extension Example Cases:

Courtney, Yeovil, Somerset,

Trailing protracted negotiations with the landlord of her first floor apartment in Yeovil, Courtney started the lease extension process as the 80 year mark was fast nearing. The transaction completed in June 2015. The landlord’s charges were kept to an absolute minimum.

Yeovil case:

Last Autumn we were called by Ms Bethan Lefèvre , who owned a one bedroom apartment in Yeovil in February 2011. We are asked if we could estimate the price could be to extend the lease by an additional years. Comparable residencies in Yeovil with a long lease were in the region of £250,000. The mid-range amount of ground rent was £50 invoiced quarterly. The lease concluded in 2095. Given that there were 69 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 not including fees.

Yeovil case:

Last January we were called by Ms J Ali , who was assigned a lease of a basement flat in Yeovil in March 2010. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Comparative flats in Yeovil with 100 year plus lease were valued about £290,000. The average amount of ground rent was £55 collected monthly. The lease elapsed on 13 March 2106. Considering the 80 years unexpired we estimated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.