Why you should start your Thornaby lease extension

Top reasons for lease extension now:

A Thornaby lease depreciates with the years remaining on the lease.

For anyone whose Thornaby flat is held on a long lease, our message is clear – if nothing is done, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders may decide not to loan monies with a short lease

Lenders are making their criteria more stringent and many now want flats to have a minimum of 60 if not 70 years left once the mortgage has expired. Given that a number of flats in Thornaby 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.

Get in touch with one of our Thornaby lease extension solicitors or enfranchisement solicitors

Lease extensions in Thornaby can be a difficult process. We recommend you get professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

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 Thornaby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thornaby Lease Extension Example Cases:

Alisha, Thornaby, County Durham,

In the wake of 6 months of unsuccessful correspondence with the landlord of her leasehold apartment in Thornaby, Alisha commenced the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The transaction completed in March 2011. The freeholder’s charges were kept to an absolute minimum.

Thornaby case:

Last Summer we were phoned by Dr Hugo Sharif , who completed a garden apartment in Thornaby in October 1997. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Identical homes in Thornaby with 100 year plus lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected annually. The lease lapsed in 2097. Having 71 years left we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.

Thornaby case:

Last year we were e-mailed by Mr and Mrs. I Patel , who completed a studio flat in Thornaby in March 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Similar premises in Thornaby with a long lease were worth £254,200. The average ground rent payable was £60 invoiced monthly. The lease finished in 2077. Taking into account 51 years outstanding we estimated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 exclusive of expenses.