Main reasons to start your Peterlee lease extension

Top reasons for lease extension now:

Increase your lease and increase your Peterlee property value

The only way is down when it comes to Peterlee lease terms. Peterlee flats that have a lease term fewer than eighty years will drop in value even faster, and the cost of extending your lease will go up.

An extended lease is almost the same value as a freehold

Leasehold residencies in Peterlee with over 100 years outstanding 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 situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not loan monies with a short lease

Lenders are inclined not lend on short residential leases. You most probably experience difficulties if you wish to sell your flat in Peterlee if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Peterlee lease extensions?

Regardless of whether you are a tenant or a landlord in Peterlee,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Peterlee valuers.

Peterlee Lease Extension Case Summaries:

Lydia, Peterlee, County Durham,

Trailing lengthy correspondence with the landlord of her ground floor flat in Peterlee, Lydia commenced the lease extension process as the eighty year mark was quickly nearing. The transaction was concluded in February 2005. The freeholder’s charges were kept to an absolute minimum.

Peterlee case:

Last Christmas we were called by Mr and Mrs. B Fournier , who moved into a purpose-built apartment in Peterlee in July 1997. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Comparable properties in Peterlee with a long lease were worth £200,800. The average amount of ground rent was £65 collected annually. The lease came to a finish in 2086. Having 60 years outstanding we approximated the compensation to the freeholder for the lease extension to be between £20,900 and £24,200 exclusive of expenses.

Peterlee case:

Mrs Olivia Bernard took over the lease of a recently refurbished apartment in Peterlee in August 1995. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by a further 90 years. Similar premises in Peterlee with a long lease were worth £255,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease expiry date was on 18 April 2097. Having 71 years remaining we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of professional charges.