Why you should start your Crook lease extension

Main reasons to start your Crook lease extension today:

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

Unfortunately that a Crook residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Crook property prices.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher amount will be payable. Most leasehold owners in Crook will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not loan monies on a short lease

Many mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will consider lending on it. Even if you don't require a mortgage, you should be conscious that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't get a mortgage, then the financial worth of the property will likely suffer. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to accept

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

The conveyancers that we work with undertake Crook lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Crook Lease Extension Case Studies:

Rhiannon, Crook, County Durham,

Trailing protracted correspondence with the landlord of her two bedroom apartment in Crook, Rhiannon initiated the lease extension process as the eighty year threshold was swiftly nearing. The transaction completed in August 2012. The freeholder’s fees were restricted to about 650 GBP.

Crook case:

Last Autumn we were phoned by Dr Y Taylor , who completed a first floor apartment in Crook in May 2007. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical residencies in Crook with an extended lease were in the region of £174,200. The mid-range ground rent payable was £55 invoiced per annum. The lease came to a finish in 2077. Considering the 51 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including legals.

Crook case:

Last Christmas we were phoned by Mr I Baker , who took over the lease of a one bedroom apartment in Crook in October 2006. We are asked if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Identical premises in Crook with a long lease were worth £285,000. The mid-range amount of ground rent was £45 collected quarterly. The lease expired on 18 November 2097. Given that there were 71 years left we calculated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of fees.