Why you should commence your Consett lease extension

Why you should start your Consett lease extension today:

Increase your lease and increase your Consett property value

As the the remaining lease term of a Consett residential lease lessens so does its value and therefore the value of your property. If the residual term has, more than 99 years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease without delay. The majority of flat owners in Consett will meet the qualifying criteria; however a lawyer should be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Consett with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions will not issue a mortgage on a short lease

Almost all mortgage lenders insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should be aware that it is likely that someone intending to acquire your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of the property will likely suffer. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Consett?

The lawyers that we work with handle Consett 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 lawyer we work with provide it.

Consett Lease Extension Example Cases:

Daisy, Consett, County Durham,

After unsuccessful negotiations with the freeholder of her basement flat in Consett, Daisy commenced the lease extension process as the eighty year threshold was swiftly approaching. The legal work completed in January 2010. The landlord’s costs were negotiated to slightly above 700 pounds.

Consett case:

Dr Evan Lefebvre purchased a garden flat in Consett in October 1998. The question was if we could shed any light on how much (approximately) premium would likely be to prolong the lease by a further 90 years. Similar properties in Consett with an extended lease were valued around £208,600. The mid-range ground rent payable was £60 collected annually. The lease concluded in 2083. Having 57 years unexpired we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including costs.

Consett case:

Mr and Mrs. L Roberts was assigned a lease of a one bedroom apartment in Consett in June 2012. The question was if we could estimate the price would be for a 90 year extension to my lease. Similar homes in Consett with a long lease were worth £200,000. The mid-range ground rent payable was £50 collected yearly. The lease terminated on 19 October 2103. Taking into account 77 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.