Top reasons for Ashington lease extension

Why you should commence your Ashington lease extension today:

Increase your lease and increase your Ashington property value

There is no doubt about it a leasehold property in Ashington is a wasting asset as a result of the shortening lease. Where the lease has, in excess of 99 years to run then this decrease may be fractional however there will become a point in time when a lease has under than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main reason why you should extend the lease without delay. Many flat owners in Ashington will qualify for this right; that being said a conveyancer will be able to confirm if you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not lend with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Ashington property becoming difficult to sell or refinance.

What makes us experts in Ashington lease extensions?

The conveyancers that we work with procure Ashington 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.

Ashington Lease Extension Case Summaries:

Oscar, Ashington, Northumberland,

Oscar owned a 2 bedroom flat in Ashington on the market with a lease of a few days over fifty eight years left. Oscar informally contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 yearly. No ground rent would be payable on a lease extension were Oscar to exercise his statutory right. Oscar procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Ashington case:

In 2014 we were called by Dr Harry Ricardo who, having purchased a garden apartment in Ashington in January 2009. The dilemma was if we could approximate the price would likely be for a 90 year lease extension. Identical properties in Ashington with a long lease were valued about £216,000. The average ground rent payable was £60 billed every twelve months. The lease came to a finish in 2084. Given that there were 58 years left we approximated the premium to the landlord to extend the lease to be within £28,500 and £33,000 plus costs.

Ashington case:

Mr Archie Walker owned a first floor flat in Ashington in July 2012. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Comparable flats in Ashington with a long lease were valued about £205,000. The average ground rent payable was £50 invoiced quarterly. The lease elapsed in 2104. Given that there were 78 years unexpired we approximated the premium to the freeholder for the lease extension to be within £7,600 and £8,800 exclusive of professional charges.