Main reasons to commence your Fulwell lease extension

Why you should start your Fulwell lease extension today:

Increase your lease and increase your Fulwell property value

Fulwell leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Fulwell tenants have the right to extend their lease by an additional ninety years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Fulwell you really ought to investigate if your lease has between 70 and ninety years left. There are good reasons why a Fulwell flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is put in place without delay

Fulwell property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Many mortgage lenders will not grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A buyer will likely find it difficult to obtain a mortgage and this could result in your Fulwell property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Fulwell?

Lease extensions in Fulwell can be a difficult process. We recommend you get professional help from a lawyer 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 procuring Fulwell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Fulwell Lease Extension Case Summaries:

Evan, Fulwell, Tyne And Wear

During the course of the last few months Evan, came very close to the eighty-year mark with the lease on his basement flat in Fulwell. In buying his flat 18 years previously, the length of the lease was of minimal bearing. Thankfully, he recognised he needed to take action soon on a lease extension. Evan was able to extend his lease just under the wire in April. Evan and the freeholder in the end agreed on a premium of £5,000 . If he failed to meet the deadline, the price would have increased by at least £875.

Fulwell case:

Mr and Mrs. A Hall purchased a recently refurbished flat in Fulwell in November 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Comparable flats in Fulwell with an extended lease were valued about £265,000. The average ground rent payable was £50 invoiced annually. The lease ran out in 2100. Having 74 years remaining we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including legals.