Main reasons to commence your Hebburn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hebburn property value

Chances are that if you own a flat in Hebburn you actually own a long leasehold interest over your property

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

Leasehold premises in Hebburn with more than one hundred years left 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 estate charges warrant it.

Mortgage lenders may not lend with a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so if they can't get a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Hebburn lease extensions?

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

Hebburn Lease Extension Example Cases:

Jade, Hebburn, Tyne And Wear,

Subsequent to protracted discussions with the freeholder of her purpose-built apartment in Hebburn, Jade initiated the lease extension process just as the lease was coming close to the critical 80-year mark. The transaction completed in January 2007. The freeholder’s charges were negotiated to below 450 GBP.

Hebburn case:

In 2012 we were e-mailed by Mr and Mrs. C Moreau who, having was assigned a lease of a basement apartment in Hebburn in June 1997. The dilemma was if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in Hebburn with an extended lease were in the region of £171,800. The average ground rent payable was £55 billed monthly. The lease expired in 2076. Taking into account 50 years remaining we approximated the premium to the landlord for the lease extension to be within £33,300 and £38,400 plus expenses.

Hebburn case:

In 2011 we were approached by Dr N Lewis who, having took over the lease of a garden flat in Hebburn in February 2002. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparative residencies in Hebburn with a long lease were valued about £280,000. The mid-range amount of ground rent was £45 billed annually. The lease expired in 2096. Having 70 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of legals.