Main reasons to commence your Pocklington lease extension

Why you should commence your Pocklington lease extension today:

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

Pocklington leases on domestic deteriorating in value. Where your lease has approximately 90 years unexpired, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for your lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be payable. Flat owners in Pocklington will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to confirm if you qualify. In certain situations you may not be entitled. There are prescribed deadlines and procedures to follow once the process is initiated so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Pocklington with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

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

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties once you wish to market or remortgage your flat as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your buyer will need to hold off for 2 years before being able to initiate the legal procedures for a lease extension.

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 respect of lease length should you wish to sell. The lawyers 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:

Louise, Pocklington, East Yorkshire,

After unsuccessful negotiations with the freeholder of her two bedroom flat in Pocklington, Louise started the lease extension process as the 80 year mark was fast advancing. The transaction completed in October 2009. The landlord’s charges were restricted to slightly above 550 pounds.

Pocklington case:

Mr and Mrs. L Bell bought a newly refurbished apartment in Pocklington in February 2006. The dilemma was if we could approximate the premium would be for a 90 year extension to my lease. Comparative flats in Pocklington with a long lease were worth £243,000. The mid-range ground rent payable was £65 invoiced monthly. The lease lapsed in 2089. Considering the 63 years left we estimated the premium to the landlord to extend the lease to be between £20,000 and £23,000 not including expenses.

Pocklington case:

In 2014 we were called by Mr Dexter Richardson who, having purchased a ground floor flat in Pocklington in January 2002. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar homes in Pocklington with an extended lease were in the region of £181,600. The mid-range amount of ground rent was £55 collected monthly. The lease ended in 2078. Taking into account 52 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £30,400 and £35,200 exclusive of expenses.