Top reasons for Choppington lease extension

Top reasons for lease extension now:

Increase your lease and increase your Choppington property value

The market value of Choppington leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Choppington with in excess of one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to grant a mortgage with a short lease

Many banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies from lender to lender. A buyer will likely find it difficult in obtaining a mortgage and this could result in your Choppington property becoming difficult to sell or remortgage.

What makes us experts in Choppington lease extensions?

The lawyers that we work with handle Choppington lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Choppington Lease Extension Case Summaries:

Anna, Choppington, Northumberland,

Trailing protracted correspondence with the freeholder of her purpose-built apartment in Choppington, Anna initiated the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The legal work was concluded in January 2013. The freeholder’s costs were restricted to a tad over 550 pounds.

Choppington case:

In 2011 we were e-mailed by Dr G Reed who, having bought a studio apartment in Choppington in November 2001. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Similar homes in Choppington with a long lease were valued about £295,000. The mid-range amount of ground rent was £45 billed quarterly. The lease elapsed in 2100. Having 74 years remaining we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 not including legals.

Choppington case:

Ms W Smith was assigned a lease of a purpose-built apartment in Choppington in October 2002. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Comparative properties in Choppington with a long lease were in the region of £243,000. The average amount of ground rent was £65 collected quarterly. The lease concluded on 10 August 2089. Having 63 years unexpired we calculated the compensation to the landlord for the lease extension to be between £20,000 and £23,000 plus fees.