Main reasons to start your Creekmouth lease extension

Main reasons to start your Creekmouth lease extension today:

Increase your lease and increase your Creekmouth property value

With a long leasehold premises in Creekmouth, you effectively rent it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are less than eighty years left. Anyone in Creekmouth with a lease drawing near to 81 years left should seriously consider extending it sooner than later. When a lease has below 80 years left, under the relevant legislation the landlord can calculate and demand a larger premium, based on a technical multiplication, known as “marriage value” which is payable.

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

It is generally considered that a property with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

The trend since 2008 has been for mortgage companies to tighten lending criteria across the board - this has extended to the types of security over which the mortgage is to be granted. This has meant the unexpired lease term required by banks has increased. Historically banks were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Creekmouth lease extensions?

Regardless of whether you are a tenant or a landlord in Creekmouth,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Creekmouth valuers.

Creekmouth Lease Extension Example Cases:

Cameron, Creekmouth, London,

Cameron was the the leasehold owner of a high value apartment in Creekmouth being sold with a lease of a little over 72 years unexpired. Cameron on an informal basis spoke with his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Cameron to invoke his statutory right. Cameron procured expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the property.

Creekmouth case:

Mrs Robyn Thomas owned a first floor apartment in Creekmouth in June 2007. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Identical premises in Creekmouth with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 billed annually. The lease terminated in 2080. Considering the 54 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 not including professional charges.