Main reasons to commence your Yiewsley lease extension

Main reasons to start your Yiewsley lease extension today:

A Yiewsley lease depreciates with the years remaining on the lease.

Unfortunately that a Yiewsley residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Yiewsley property market.Where your lease has approximately 90 years left, you should start considering 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 below eighty years - otherwise a higher premium will be due. The majority of flat owners in Yiewsley will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

Yiewsley 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 approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to lend with a short lease

Banks and building societies are really clamping down as regards to properties in Yiewsley with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting the number of potential purchasers.

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

The conveyancers that we work with undertake Yiewsley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Yiewsley Lease Extension Example Cases:

Lydia, Yiewsley, West London,

Subsequent to unsuccessful negotiations with the freeholder of her ground floor flat in Yiewsley, Lydia initiated the lease extension process as the eighty year deadline was rapidly advancing. The legal work was finalised in October 2006. The freeholder’s fees were restricted to less than 450 pounds.

Yiewsley case:

Last Spring we were e-mailed by Mr and Mrs. D Taylor , who purchased a studio apartment in Yiewsley in April 2000. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by ninety years. Identical premises in Yiewsley with an extended lease were in the region of £200,800. The average amount of ground rent was £65 invoiced quarterly. The lease lapsed in 2086. Considering the 60 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £20,900 and £24,200 exclusive of fees.