Why you should commence your Crook lease extension

Top reasons for lease extension now:

Increase your lease and increase your Crook property value

The only way is down when it comes to Crook lease terms. Crook properties that have a remaining term less than than eighty years will de-escalate in value even faster, and the cost of extending your lease will rise.

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

Leasehold premises in Crook with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not lend on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left once the mortgage has expired. As plenty of flats in Crook were created in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Crook lease extensions?

The conveyancing solicitors 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 conveyancing solicitor we work with provide it.

Crook Lease Extension Example Cases:

Henry, Crook, County Durham,

Henry owned a conversion flat in Crook being sold with a lease of a little over 61 years unexpired. Henry informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Henry to invoke his statutory right. Henry obtained expert legal guidance and secured satisfactory resolution informally and ending up with a market value flat.

Crook case:

Mr and Mrs. M Pérez bought a basement apartment in Crook in April 2009. We are asked if we could approximate the price would likely be to extend the lease by a further 90 years. Comparative homes in Crook with 100 year plus lease were in the region of £198,800. The mid-range ground rent payable was £55 billed monthly. The lease elapsed in 2081. Having 55 years unexpired we estimated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 not including professional charges.

Crook case:

Last Autumn we were phoned by Mr and Mrs. I Robinson , who purchased a one bedroom flat in Crook in March 2012. The dilemma was if we could approximate the price could be to extend the lease by ninety years. Comparative homes in Crook with an extended lease were in the region of £295,000. The average amount of ground rent was £50 collected quarterly. The lease elapsed on 21 February 2101. Considering the 75 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 not including professional charges.