Top reasons for Blakelaw lease extension

Main reasons to start your Blakelaw lease extension today:

Increase your lease and increase your Blakelaw property value

With a residential leasehold premises in Blakelaw, you are actually buying a right to reside in a property for a set period of time. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater notably once there are fewer than 80 years left. Anyone in Blakelaw with a lease approaching 81 years remaining should seriously consider extending it sooner than later. When a lease has under eighty years left, under the relevant Act the landlord can calculate and charge a greater amount, based on a technical computation, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

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

Lenders do not grant a mortgage on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Blakelaw if the remaining term of your lease is under the criteria set by the majority of banks and building societies. Different mortgage companies have varying criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

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

Irrespective of whether you are a tenant or a freeholder in Blakelaw,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Blakelaw valuers.

Blakelaw Lease Extension Example Cases:

Leah, Blakelaw, Tyne And Wear,

In the wake of eight months of protracted negotiations with the landlord of her purpose-built flat in Blakelaw, Leah initiated the lease extension process as the eighty year mark was fast approaching. The legal work was finalised in May 2007. The freeholder’s charges were negotiated to under 450 GBP.

Blakelaw case:

Mr and Mrs. W Morgan took over the lease of a first floor flat in Blakelaw in October 2008. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical properties in Blakelaw with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £55 billed annually. The lease came to a finish in 2104. Considering the 78 years left we calculated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including fees.

Blakelaw case:

Last June we were contacted by Mr and Mrs. E Pérez , who bought a studio flat in Blakelaw in October 2001. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in Blakelaw with a long lease were valued about £191,000. The average amount of ground rent was £65 billed quarterly. The lease end date was in 2084. Taking into account 58 years outstanding we calculated the premium to the freeholder to extend the lease to be within £23,800 and £27,400 not including fees.