Main reasons to start your Crook lease extension

Why you should start your Crook lease extension today:

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

For those whose Crook property is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.

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

Leasehold premises in Crook with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not grant a mortgage with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties when you wish to sell or remortgage your flat as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your buyer will need to hold off for 2 years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Crook?

Using our service gives you increased control over the value of your Crook leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Crook Lease Extension Case Summaries:

Zoe, Crook, County Durham,

Off the back of protracted correspondence with the freeholder of her two bedroom apartment in Crook, Zoe commenced the lease extension process just as the lease was approaching the crucial eighty-year deadline. The legal work completed in November 2015. The landlord’s fees were negotiated to under 600 pounds.

Crook case:

In 2012 we were called by Ms A Fournier who, having owned a one bedroom flat in Crook in October 2003. The question was if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparable residencies in Crook with a long lease were in the region of £243,000. The average ground rent payable was £65 invoiced per annum. The lease ended in 2089. Considering the 63 years outstanding we calculated the compensation to the landlord to extend the lease to be between £20,000 and £23,000 plus legals.

Crook case:

In 2014 we were called by Mr and Mrs. I Richardson who, having moved into a one bedroom apartment in Crook in August 2004. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Identical premises in Crook with an extended lease were valued about £181,600. The mid-range ground rent payable was £55 billed per annum. The lease expired in 2078. Considering the 52 years unexpired we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including fees.