Top reasons for Billingham lease extension

Why you should start your Billingham lease extension today:

Increase your lease and increase your Billingham property value

On the balance of probabilities where you own a flat in Billingham you actually own a long leasehold interest over your property

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

Leasehold premises in Billingham with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may not loan monies with a short lease

Lenders are really restricting their approach as regards to homes in Billingham with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting your market.

Why use us for your lease extension in Billingham?

Using our service will provide you enhanced control over the value of your Billingham leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Billingham Lease Extension Case Studies:

Poppy, Billingham, County Durham,

In the wake of eight months of lengthy correspondence with the landlord of her basement flat in Billingham, Poppy initiated the lease extension process as the eighty year deadline was swiftly coming. The lease extension was concluded in November 2015. The landlord’s costs were kept to an absolute minimum.

Billingham case:

Last Spring we were called by Mr and Mrs. B Roberts , who bought a ground floor flat in Billingham in May 2006. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Comparative properties in Billingham with a long lease were worth £200,000. The average amount of ground rent was £50 invoiced per annum. The lease finished in 2103. Given that there were 77 years left we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including legals.

Billingham case:

Mr Connor Martínez took over the lease of a ground floor flat in Billingham in May 2006. The question was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Identical residencies in Billingham with an extended lease were valued around £260,200. The mid-range amount of ground rent was £65 invoiced monthly. The lease ended in 2092. Given that there were 66 years outstanding we calculated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 exclusive of costs.