Why you should start your Callerton lease extension

Main reasons to start your Callerton lease extension today:

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

For those whose Callerton property is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to obtain a lease extension.

Callerton property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not issue a mortgage on a short lease

Mortgage companies do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Callerton if the remaining term of your lease is under the criteria set by the majority of lenders. Different lenders have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Callerton lease extensions?

Lease extensions in Callerton can be a difficult process. We recommend you get 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 dealing with Callerton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Callerton Lease Extension Example Cases:

Leo, Callerton, Tyne And Wear,

Leo was the the leasehold proprietor of a high value apartment in Callerton on the market with a lease of just over 61 years unexpired. Leo on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Leo to exercise his statutory right. Leo obtained expert legal guidance and secured satisfactory deal informally and sell the property.

Callerton case:

Mr and Mrs. R Cook owned a one bedroom flat in Callerton in March 2007. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Comparative flats in Callerton with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 collected monthly. The lease concluded on 24 July 2105. Taking into account 79 years as a residual term we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus costs.

Callerton case:

Last Christmas we were approach by Ms Hollie Martinez , who completed a purpose-built flat in Callerton in October 2010. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Identical premises in Callerton with an extended lease were worth £275,000. The average amount of ground rent was £65 invoiced every twelve months. The lease ran out in 2094. Given that there were 68 years left we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.