Unfortunately that a Blaydon On Tyne residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Blaydon On Tyne property market.Where your lease has approximately 90 years left, you should start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below 80 years - otherwise a higher amount will be payable. The majority of leasehold owners in Blaydon On Tyne will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Halifax | |
| Leeds Building Society | |
| TSB | |
| Royal Bank of Scotland |
Retaining our service will provide you better control over the value of your Blaydon On Tyne leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Off the back of lengthy negotiations with the landlord of her basement apartment in Blaydon On Tyne, Chloe commenced the lease extension process as the 80 year deadline was quickly approaching. The transaction was finalised in November 2012. The freeholder’s costs were restricted to a tad over 500 pounds.
In 2012 we were contacted by Mr H Bailey who, having purchased a newly refurbished apartment in Blaydon On Tyne in February 1997. The question was if we could shed any light on how much (approximately) price could be to extend the lease by an additional years. Similar flats in Blaydon On Tyne with an extended lease were valued around £200,800. The mid-range ground rent payable was £65 billed monthly. The lease expiry date was on 21 April 2086. Given that there were 60 years outstanding we calculated the premium to the landlord for the lease extension to be within £20,900 and £24,200 plus expenses.
Last Spring we were phoned by Mr Lewis Dupont , who owned a first floor apartment in Blaydon On Tyne in January 2009. We are asked if we could estimate the premium could be for a 90 year lease extension. Comparable flats in Blaydon On Tyne with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 collected monthly. The lease elapsed on 21 May 2097. Given that there were 71 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.