Why you should commence your Blyth lease extension

Main reasons to commence your Blyth lease extension today:

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

Chances are that if you own a flat in Blyth you actually own a long leasehold interest over your property

An extended lease 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 approximately the same as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies on a short lease

Almost all mortgage lenders will be unwilling to grant a mortgage on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Blyth property being difficult to dispose of or refinance.

Why use us for your lease extension in Blyth?

Lease extensions in Blyth can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Blyth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Blyth Lease Extension Example Cases:

Harrison, Blyth, Northumberland

In recent months Harrison, started to get close to the eighty-year threshold with the lease on his purpose- built apartment in Blyth. In buying his flat 19 years ago, the unexpired term was of little interest. by good luck, he recognised he would soon be paying an inflated amount for a lease extension. Harrison arranged for a lease extension just ahead of time in April. Harrison and the landlord who owned the flat above eventually agreed on sum of £6,000 . If he failed to meet the deadline, the price would have gone up by at least £900.

Blyth case:

Dr G Dupont bought a purpose-built flat in Blyth in November 2008. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year lease extension. Similar premises in Blyth with an extended lease were in the region of £290,000. The average amount of ground rent was £45 billed per annum. The lease ended in 2099. Having 73 years left we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Blyth case:

Last Summer we were contacted by Mr and Mrs. T Lefebvre , who owned a studio apartment in Blyth in March 2004. The dilemma was if we could estimate the compensation to the landlord would be to extend the lease by an additional years. Identical premises in Blyth with a long lease were valued around £240,600. The mid-range ground rent payable was £60 billed every twelve months. The lease concluded on 24 April 2088. Considering the 62 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 not including legals.