Main reasons to start your Byker and Walker lease extension

Why you should commence your Byker and Walker lease extension today:

Increase your lease and increase your Byker and Walker property value

It’s an underpublicised certainty that a Byker and Walker residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Byker and Walker property market.Where your lease has approximately ninety years left, you should start thinking about 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 slips lower than eighty years - otherwise a higher amount will be due. The majority of flat owners in Byker and Walker will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.

Byker and Walker property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies will not finance a property on a short lease

Most mortgage lenders insist on a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the financial worth of your property could suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Byker and Walker?

Lease extensions in Byker and Walker can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 a wealth of experience procuring Byker and Walker lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Byker and Walker Lease Extension Example Cases:

Daniel, Byker and Walker, Tyne And Wear

In recent months Daniel, started to get close to the 80-year mark with the lease on his ground floor apartment in Byker and Walker. Having bought his property 18 years previously, the length of the lease was of little bearing. Thankfully, he realised he needed to take steps soon on a lease extension. Daniel arranged for a lease extension just under the wire last June. Daniel and the freeholder eventually settled on sum of £6,000 . If he not met the deadline, the figure would have increased by a minimum £1,000.

Byker and Walker case:

Ms Rebecca Garcia was assigned a lease of a one bedroom flat in Byker and Walker in November 2007. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable premises in Byker and Walker with a long lease were valued around £168,800. The average amount of ground rent was £60 collected annually. The lease ran out in 2081. Considering the 55 years left we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of fees.

Byker and Walker case:

In 2011 we were phoned by Mr and Mrs. K Watson who, having took over the lease of a recently refurbished flat in Byker and Walker in October 1996. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Comparative residencies in Byker and Walker with 100 year plus lease were in the region of £235,200. The average amount of ground rent was £45 billed per annum. The lease termination date was on 24 November 2092. Having 66 years remaining we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus expenses.