Top reasons for Newington lease extension

Main reasons to start your Newington lease extension today:

Increase your lease and increase your Newington property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. your lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Newington. Clearly, the period of lease remaining shortens over time. This is often overlooked and only raises itself as an issue when the flat or house has to be sold or refinanced. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Newington have the right to extend the lease for an additional 90 years under Leasehold Reform legislation. Please give due attention before delaying your Newington lease extension. Holding off that expense now simply increases the price you will ultimately incur for a lease extension

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

It is generally accepted that a property with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to loan monies on a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties where you wish to sell your flat in Newington if the unexpired term of your lease is below the criteria set by most lenders. Different lenders have different requirements but on the whole they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Newington?

Irrespective of whether you are a tenant or a landlord in Newington,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Newington valuers.

Newington Lease Extension Example Cases:

Harrison, Newington, South East London

Twenty four months ago Harrison, came critically close to the eighty-year mark with the lease on his two bedroom apartment in Newington. In buying his property two decades ago, the unexpired term was of no concern. Thankfully, he realised he would imminently be paying an inflated amount for Extending the lease. Harrison was able to extend his lease just in the nick of time last January. Harrison and the freeholder via the managing agents in the end settled on a premium of £6,000 . If the lease had dropped lower than eighty years, the premium would have gone up by at least £1,050.

Newington case:

Ms Rhiannon Brown acquired a one bedroom apartment in Newington in November 2012. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable premises in Newington with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 collected yearly. The lease came to a finish on 12 November 2087. Given that there were 61 years left we approximated the compensation to the freeholder for the lease extension to be between £22,800 and £26,400 plus costs.