Why you should start your Fulwell lease extension

Top reasons for lease extension now:

Increase your lease and increase your Fulwell property value

For those whose Fulwell home is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold residencies in Fulwell with in excess of 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 situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may not grant a mortgage on a short lease

Mortgage companies are really clamping down as regards to properties in Fulwell with short leases. For example you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Fulwell?

Engaging our service will provide you increased control over the value of your Fulwell leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Fulwell Lease Extension Example Cases:

Jackson, Fulwell, Tyne And Wear

Last Summer Jackson, came dangerously close to the 80-year mark with the lease on his garden flat in Fulwell. In buying his property two decades ago, the lease term was of no concern. Luckily, he recognised he would soon be paying an escalated premium for Extending the lease. Jackson extended the lease just under the wire in August. Jackson and the freeholder in the end agreed on a premium of £6,000 . If he failed to meet the deadline, the price would have increased by at least £1,150.

Fulwell case:

Last Spring we were called by Mr and Mrs. Y Johnson , who acquired a purpose-built apartment in Fulwell in August 2000. The question was if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Comparative homes in Fulwell with a long lease were worth £235,200. The mid-range amount of ground rent was £45 collected monthly. The lease lapsed in 2092. Taking into account 66 years remaining we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 not including legals.