Why you should commence your Thornaby lease extension

Main reasons to commence your Thornaby lease extension today:

Increase your lease and increase your Thornaby property value

On the balance of probabilities if you own a flat in Thornaby you actually own a long leasehold interest over your property

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.

Lenders will not loan monies with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic when you wish to dispose of or refinance your property as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your buyer will have to wait 2 years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Thornaby?

The conveyancing solicitors that we work with handle Thornaby 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.

Thornaby Lease Extension Example Cases:

Austin, Thornaby, County Durham

During the course of the last few months Austin, started to get near to the 80-year threshold with the lease on his basement flat in Thornaby. Having bought his flat 18 years previously, the lease term was of no importance. As luck would have it, he became aware that he needed to take steps soon on Extending the lease. Austin was able to extend his lease just in the nick of time last January. Austin and the landlord in the end agreed on an amount of £6,000 . If he had missed the deadline, the figure would have become more exhorbitant by a minimum £1,025.

Thornaby case:

In 2012 we were approached by Ms Olivia Bailey who, having moved into a basement flat in Thornaby in June 2009. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Thornaby with a long lease were in the region of £270,000. The average amount of ground rent was £55 invoiced per annum. The lease concluded in 2101. Given that there were 75 years left we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 not including fees.

Thornaby case:

Last Christmas we were phoned by Dr N Reed , who completed a studio flat in Thornaby in October 1996. The dilemma was if we could estimate the price would be to extend the lease by ninety years. Comparative premises in Thornaby with 100 year plus lease were in the region of £168,800. The mid-range ground rent payable was £60 billed every twelve months. The lease terminated on 20 January 2081. Taking into account 55 years left we estimated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including costs.