Main reasons to commence your Creekmouth lease extension

Main reasons to commence your Creekmouth lease extension today:

Increase your lease and increase your Creekmouth property value

The value of Creekmouth leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in Creekmouth with over one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not loan monies on a short lease

Almost all mortgage companies will not lend on a lease with less than seventy years left to run - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Creekmouth property becoming difficult to sell or remortgage.

Why use us for your lease extension in Creekmouth?

Lease extensions in Creekmouth can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer with experience in this area.

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 Creekmouth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Creekmouth Lease Extension Case Summaries:

Maisie, Creekmouth, London,

Subsequent to protracted negotiations with the freeholder of her purpose-built apartment in Creekmouth, Maisie commenced the lease extension process as the 80 year deadline was fast nearing. The lease extension was finalised in February 2015. The landlord’s fees were restricted to less than 700 pounds.

Creekmouth case:

In 2009 we were called by Dr B Green who, having completed a purpose-built apartment in Creekmouth in October 1999. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparative flats in Creekmouth with an extended lease were valued about £280,000. The average ground rent payable was £55 invoiced yearly. The lease came to a finish on 14 May 2103. Taking into account 77 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 not including costs.