Top reasons for Haydon Bridge lease extension

Main reasons to start your Haydon Bridge lease extension today:

Increase your lease and increase your Haydon Bridge property value

The market value of a leasehold property in Haydon Bridge is impacted by how long the lease has remaining. If it is close to or less than eighty years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension before purchasing. It is preferable to start the process of extending the lease is when a lease still has 82 years remaining so that formalities can be addressed ahead of the eighty year cut off point. Statute entitles Haydon Bridge qualifying lessees to an additional term of ninety years over and above the remaining term, at a notional rent (no ground rent). The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

Haydon Bridge property with a lease extension is almost the same value as a freehold

Leasehold residencies in Haydon Bridge with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not lend on a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone intending to acquire your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to lend on

Get in touch with one of our Haydon Bridge lease extension solicitors or enfranchisement solicitors

Lease extensions in Haydon Bridge can be a difficult process. We recommend you get professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring Haydon Bridge lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Haydon Bridge Lease Extension Example Cases:

David, Haydon Bridge, Northumberland,

David was the the leasehold proprietor of a 2 bedroom apartment in Haydon Bridge being sold with a lease of fraction over sixty years left. David on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be due on a lease extension were David to invoke his statutory right. David procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Haydon Bridge case:

In 2012 we were e-mailed by Mr and Mrs. G Clarke who, having moved into a ground floor flat in Haydon Bridge in May 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Haydon Bridge with a long lease were in the region of £265,000. The mid-range ground rent payable was £50 invoiced every twelve months. The lease concluded on 11 February 2099. Given that there were 73 years as a residual term we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus expenses.

Haydon Bridge case:

Dr David Wright moved into a garden apartment in Haydon Bridge in July 2006. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Similar flats in Haydon Bridge with 100 year plus lease were valued around £264,000. The mid-range ground rent payable was £60 billed yearly. The lease ran out in 2079. Considering the 53 years remaining we calculated the compensation to the landlord for the lease extension to be within £37,100 and £42,800 exclusive of expenses.