Top reasons for Pocklington lease extension

Why you should commence your Pocklington lease extension today:

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

On the balance of probabilities where you own a flat in Pocklington you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 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 in the future.

Banks and Building Societies may decide not to lend with a short lease

The trend since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies would lend on a lease with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

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

Engaging our service gives you enhanced control over the value of your Pocklington leasehold, as your property will be more valuable and saleable in relation to the 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.

Pocklington Lease Extension Example Cases:

Amy, Pocklington, East Yorkshire,

After unsuccessful correspondence with the freeholder of her purpose-built flat in Pocklington, Amy initiated the lease extension process just as the lease was nearing the all-important 80-year mark. The transaction was concluded in September 2007. The freeholder’s charges were kept to an absolute minimum.

Pocklington case:

In 2014 we were phoned by Mr D Pérez who, having owned a garden flat in Pocklington in February 2010. We are asked if we could approximate the compensation to the landlord would be for a ninety year extension to my lease. Similar homes in Pocklington with an extended lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced yearly. The lease came to a finish on 26 July 2093. Taking into account 67 years unexpired we approximated the premium to the landlord to extend the lease to be within £14,300 and £16,400 plus fees.

Pocklington case:

Last Winter we were e-mailed by Dr Y Moore , who owned a purpose-built apartment in Pocklington in June 2008. The question was if we could estimate the premium could be to extend the lease by ninety years. Comparable flats in Pocklington with 100 year plus lease were in the region of £201,200. The average ground rent payable was £55 billed yearly. The lease terminated in 2082. Given that there were 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus legals.