Why you should commence your Yoxall lease extension

Top reasons for lease extension now:

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

Yoxall leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Yoxall residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Yoxall you really ought to investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lenders may not lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get nervous at around 75 years. This may be problematic as and when you come to market or refinance your flat as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your buyer must hold off for two years before being able to exercise the right to a a lease extension.

What makes us experts in Yoxall lease extensions?

Lease extensions in Yoxall can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Yoxall lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Yoxall Lease Extension Case Summaries:

Alexandra, Yoxall, Staffordshire,

Off the back of unsuccessful correspondence with the landlord of her ground floor apartment in Yoxall, Alexandra initiated the lease extension process as the eighty year deadline was rapidly coming. The lease extension completed in September 2015. The freeholder’s fees were kept to an absolute minimum.

Yoxall case:

Mr and Mrs. K Mercier moved into a purpose-built apartment in Yoxall in April 1995. The dilemma was if we could estimate the price would likely be for a 90 year lease extension. Comparative premises in Yoxall with an extended lease were worth £280,000. The average amount of ground rent was £45 collected every twelve months. The lease concluded in 2096. Considering the 70 years left we calculated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.

Yoxall case:

Mr and Mrs. G Torres was assigned a lease of a basement apartment in Yoxall in June 2005. The question was if we could approximate the price would be for a 90 year extension to my lease. Similar flats in Yoxall with 100 year plus lease were in the region of £218,400. The average amount of ground rent was £60 collected per annum. The lease ended in 2085. Having 59 years remaining we estimated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 not including professional charges.