Main reasons to commence your Benton lease extension

Main reasons to start your Benton lease extension today:

A Benton leasehold property depreciates with the years remaining on the lease.

The market value of Benton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is below than eighty years

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Banks and building societies are inclined not lend on short residential leases. You are likely to encounter problems if you need to sell your flat in Benton if the unexpired term of your lease is under the criteria set by the majority of mortgage companies. Different lenders have different requirements but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in Benton lease extensions?

The conveyancing solicitors that we work with undertake Benton 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 conveyancing solicitor we work with provide it.

Benton Lease Extension Example Cases:

Gabriel, Benton, Tyne And Wear

18 months ago Gabriel, started to get close to the eighty-year threshold with the lease on his basement apartment in Benton. Having purchased his home 18 years ago, the lease term was of minimal interest. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Gabriel extended the lease at the eleventh hour last March. Gabriel and the freeholder via the management company ultimately agreed on the final figure of £6,000 . If the lease had fallen below eighty years, the amount would have escalated by a minimum £1,100.

Benton case:

In 2013 we were approached by Mr John Anderson who, having bought a one bedroom apartment in Benton in January 1998. The question was if we could estimate the premium would likely be for a 90 year lease extension. Comparable homes in Benton with a long lease were worth £189,000. The average ground rent payable was £55 invoiced per annum. The lease ran out in 2079. Considering the 53 years left we approximated the compensation to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of professional charges.

Benton case:

In 2011 we were phoned by Dr G Miller who, having was assigned a lease of a basement apartment in Benton in November 1995. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical premises in Benton with a long lease were in the region of £290,000. The average ground rent payable was £45 billed per annum. The lease expired in 2099. Having 73 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.