Main reasons to commence your Pocklington lease extension

Main reasons to commence your Pocklington lease extension today:

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

Pocklington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. It is the case that most Pocklington tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Pocklington you would be well advised to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

Pocklington property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 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 not issue a mortgage with a short lease

Lenders are inclined not lend on short residential leases. You are likely to encounter difficulties if you need to sell your flat in Pocklington if the unexpired lease term is below the criteria set by most banks and building societies. Different mortgage companies have varying criteria but in the main they are looking for a minimum remaining lease term of seventy years.

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

Engaging our service will provide you enhanced control over the value of your Pocklington leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Pocklington Lease Extension Case Studies:

Megan, Pocklington, East Yorkshire,

Trailing protracted discussions with the freeholder of her first floor flat in Pocklington, Megan started the lease extension process just as her lease was nearing the all-important 80-year mark. The legal work completed in November 2011. The landlord’s costs were negotiated to a tad over 450 GBP.

Pocklington case:

Dr M Hernández bought a first floor apartment in Pocklington in February 1999. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Identical flats in Pocklington with an extended lease were in the region of £218,400. The average amount of ground rent was £60 billed monthly. The lease end date was on 15 May 2085. Having 59 years left we calculated the premium to the freeholder to extend the lease to be between £27,600 and £31,800 plus costs.

Pocklington case:

Last Winter we were phoned by Mrs Rebecca André , who took over the lease of a purpose-built apartment in Pocklington in November 1997. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Identical properties in Pocklington with a long lease were in the region of £205,000. The average ground rent payable was £50 billed monthly. The lease lapsed in 2105. Considering the 79 years outstanding we estimated the premium to the freeholder for the lease extension to be within £7,600 and £8,800 not including fees.