Why you should start your Harton lease extension

Main reasons to commence your Harton lease extension today:

Increase your lease and increase your Harton property value

The value of Harton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Harton with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges warrant it.

Lenders may decide not to grant a mortgage on a short lease

Lending institutions have set criteria when lending monies charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term falls lower than a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years suitable security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Harton home.

Why use us for your lease extension in Harton?

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

Harton Lease Extension Example Cases:

Toby, Harton, Tyne And Wear

In recent months Toby, came seriously near to the 80-year threshold with the lease on his ground floor apartment in Harton. Having bought his property two decades ago, the lease term was of minimal bearing. As luck would have it, he realised he would imminently be paying way over the odds for Extending the lease. Toby was able to extend his lease just under the wire last June. Toby and the freeholder via the management company in the end agreed on an amount of £5,500 . If he not met the deadline, the price would have gone up by a minimum £1,000.

Harton case:

Dr Alice Miller owned a ground floor flat in Harton in May 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by 90 years. Similar flats in Harton with 100 year plus lease were worth £243,000. The average amount of ground rent was £65 billed every twelve months. The lease finished on 11 August 2089. Given that there were 63 years left we estimated the premium to the freeholder for the lease extension to be between £20,000 and £23,000 plus legals.

Harton case:

Last February we were called by Mr Jack Moore , who completed a first floor apartment in Harton in October 2005. The question was if we could estimate the premium would be for a 90 year lease extension. Comparable flats in Harton with an extended lease were in the region of £181,600. The average amount of ground rent was £55 collected monthly. The lease concluded on 21 April 2078. Having 52 years left we approximated the premium to the landlord for the lease extension to be between £30,400 and £35,200 plus costs.