Top reasons for Benton lease extension

Top reasons for lease extension now:

A Benton lease 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 materialy once the unexpired lease term is less than eighty years

Benton property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to lend with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties where you need to sell your flat in Benton if the unexpired term of your lease is under the criteria set by the majority of lenders. Different mortgage companies have different criteria but in the main theyrequire a minimum remaining lease term of seventy years.

What makes us experts in Benton lease extensions?

Using our service will provide you enhanced control over the value of your Benton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Benton Lease Extension Case Studies:

Rhiannon, Benton, Tyne And Wear,

In the wake of eight months of unsuccessful discussions with the freeholder of her ground floor flat in Benton, Rhiannon commenced the lease extension process just as the lease was nearing the critical 80-year threshold. The lease extension was finalised in September 2008. The freeholder’s charges were kept to an absolute minimum.

Benton case:

Last Autumn we were phoned by Mr and Mrs. H Norbert , who was assigned a lease of a purpose-built flat in Benton in January 2006. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar flats in Benton with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 invoiced monthly. The lease came to a finish on 27 March 2097. Having 71 years remaining we calculated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 plus legals.

Benton case:

Mr and Mrs. L Girard purchased a purpose-built apartment in Benton in April 2005. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparative homes in Benton with 100 year plus lease were in the region of £225,800. The average ground rent payable was £60 invoiced yearly. The lease ran out on 28 August 2086. Considering the 60 years outstanding we approximated the premium to the freeholder to extend the lease to be between £25,700 and £29,600 exclusive of professional charges.