Why you should commence your Choppington lease extension

Top reasons for lease extension now:

A Choppington lease depreciates with the years remaining on the lease.

Choppington leases on domestic deteriorating in value. Where your lease has about 90 years left, you should start thinking about a lease extension. If lease term is under 80 years, you will then have to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Choppington will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some situations you may not be entitled. There are prescribed timetables and formalities to comply with once the process is triggered so it’s best to be guided by a conveyancing solicitor during the process.

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

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not grant a mortgage with a short lease

Lenders are making their criteria more stringent and many now want flats to have a minimum of sixty if not seventy years remaining once the mortgage has expired. Given that a number of flats in Choppington were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to get a mortgage.

What makes us experts in Choppington lease extensions?

Regardless of whether you are a tenant or a freeholder in Choppington,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Choppington valuers.

Choppington Lease Extension Example Cases:

Henry, Choppington, Northumberland

Last year Henry, started to get close to the eighty-year threshold with the lease on his basement flat in Choppington. In buying his flat two decades ago, the unexpired term was of no bearing. by good luck, it dawned on him that he would soon be paying an escalated premium for a lease extension. Henry arranged for a lease extension just in the nick of time in September. Henry and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If he had missed the deadline, the sum would have become more costly by at least £1,100.

Choppington case:

Last January we were called by Dr N André , who took over the lease of a purpose-built flat in Choppington in October 2000. The question was if we could approximate the price would likely be to extend the lease by ninety years. Comparative homes in Choppington with a long lease were worth £235,600. The average amount of ground rent was £60 invoiced quarterly. The lease finished in 2088. Having 62 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 exclusive of legals.

Choppington case:

Last Christmas we were approach by Mr W Richardson , who completed a first floor apartment in Choppington in November 2004. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Comparable premises in Choppington with an extended lease were valued around £174,200. The mid-range ground rent payable was £55 billed yearly. The lease termination date was in 2077. Given that there were 51 years remaining we calculated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including legals.