Top reasons for Amble lease extension

Main reasons to start your Amble lease extension today:

Increase your lease and increase your Amble property value

For those whose Amble property is held on a long lease, our message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

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

Leasehold residencies in Amble with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to finance a property with a short lease

Most banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will likely find it difficult in obtaining a mortgage and this will result in your Amble property becoming difficult to dispose of or remortgage.

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

Lease extensions in Amble can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor 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 dealing with Amble lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Amble Lease Extension Case Summaries:

Leah, Amble, Northumberland,

Following lengthy discussions with the landlord of her ground floor flat in Amble, Leah commenced the lease extension process as the eighty year mark was fast coming. The lease extension was finalised in April 2008. The freeholder’s costs were negotiated to below 700 pounds.

Amble case:

Last Spring we were approach by Mr Nathaniel Moore , who owned a one bedroom apartment in Amble in April 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by an additional years. Comparable homes in Amble with a long lease were valued about £171,800. The average amount of ground rent was £55 billed monthly. The lease concluded in 2076. Given that there were 50 years left we calculated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including costs.

Amble case:

Mr and Mrs. S Morris took over the lease of a one bedroom flat in Amble in September 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparable flats in Amble with a long lease were worth £280,000. The mid-range amount of ground rent was £45 collected yearly. The lease concluded on 8 February 2096. Taking into account 70 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus expenses.