Main reasons to start your Pocklington lease extension

Why you should commence your Pocklington lease extension today:

Increase your lease and increase your Pocklington property value

With a residential leasehold premises in Pocklington, you effectively rent it for a certain period of time. In recent years flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive especially when there are fewer than 80 years remaining. Residents in Pocklington with a lease approaching 81 years unexpired should seriously think of extending it as soon as possible. When a lease has below eighty years outstanding, under the current statute the landlord can calculate and demand a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies with a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Pocklington lease extensions?

Lease extensions in Pocklington can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

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 a wealth of experience dealing with Pocklington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Pocklington Lease Extension Example Cases:

Charlie, Pocklington, East Yorkshire,

Charlie was the the leasehold proprietor of a conversion apartment in Pocklington on the market with a lease of a little over 61 years unexpired. Charlie on an informal basis approached his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Charlie to exercise his statutory right. Charlie procured expert advice and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Pocklington case:

Last March we were approach by Mr K White , who moved into a garden apartment in Pocklington in June 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Comparative properties in Pocklington with 100 year plus lease were valued about £198,800. The average amount of ground rent was £55 collected every twelve months. The lease finished on 23 September 2081. Considering the 55 years remaining we estimated the compensation to the freeholder to extend the lease to be within £33,300 and £38,400 not including fees.

Pocklington case:

In 2013 we were e-mailed by Mr and Mrs. O Fournier who, having acquired a basement flat in Pocklington in June 2010. The question was if we could approximate the premium would be to extend the lease by 90 years. Comparative premises in Pocklington with 100 year plus lease were worth £295,000. The mid-range ground rent payable was £45 invoiced monthly. The lease elapsed on 11 February 2101. Taking into account 75 years remaining we calculated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 exclusive of professional charges.