Why you should commence your Yoxall lease extension

Why you should commence your Yoxall lease extension today:

Increase your lease and increase your Yoxall property value

Chances are that if you own a flat in Yoxall you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Yoxall with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not loan monies on a short lease

Many banks and building societies will not lend on a lease with under 70 years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your Yoxall property being difficult to dispose of or remortgage.

What makes us experts in Yoxall lease extensions?

The lawyers that we work with handle Yoxall 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 lawyer we work with provide it.

Yoxall Lease Extension Case Studies:

Jasmine, Yoxall, Staffordshire,

In the wake of eight months of lengthy discussions with the freeholder of her basement apartment in Yoxall, Jasmine started the lease extension process as the eighty year mark was swiftly advancing. The lease extension completed in June 2011. The freeholder’s charges were kept to an absolute minimum.

Yoxall case:

In 2010 we were phoned by Mrs O King who, having bought a newly refurbished flat in Yoxall in November 2010. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Similar residencies in Yoxall with 100 year plus lease were valued around £216,000. The mid-range amount of ground rent was £60 billed quarterly. The lease expiry date was in 2084. Having 58 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £28,500 and £33,000 plus expenses.

Yoxall case:

In 2012 we were approached by Mrs K Bell who, having owned a newly refurbished flat in Yoxall in July 2007. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by ninety years. Identical premises in Yoxall with an extended lease were valued about £200,000. The mid-range ground rent payable was £50 collected per annum. The lease terminated on 21 July 2104. Given that there were 78 years left we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 plus professional charges.