Why you should commence your Hebburn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hebburn property value

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

An extended lease has roughly the same value as a freehold

Leasehold premises in Hebburn with in excess of one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not lend on a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be mindful that it is likely that someone wanting to purchase your property in the future might well do, so if they can't obtain a mortgage, then the market price of the property will likely suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Hebburn?

Irrespective of whether you are a tenant or a landlord in Hebburn,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hebburn valuers.

Hebburn Lease Extension Case Summaries:

Nathaniel, Hebburn, Tyne And Wear

During the course of the last few months Nathaniel, started to get close to the 80-year threshold with the lease on his basement apartment in Hebburn. Having bought his flat 19 years ago, the length of the lease was of minimal significance. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Nathaniel arranged for a lease extension just ahead of time last June. Nathaniel and the freeholder subsequently settled on the final figure of £5,500 . If he failed to meet the deadline, the figure would have increased by at least £1,050.

Hebburn case:

Mr and Mrs. K Lewis took over the lease of a first floor apartment in Hebburn in March 1996. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Similar residencies in Hebburn with a long lease were valued about £240,600. The mid-range ground rent payable was £60 collected annually. The lease expired on 2 March 2088. Given that there were 62 years unexpired we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including legals.

Hebburn case:

Last June we were called by Ms Freya Rodríguez , who completed a one bedroom flat in Hebburn in August 2000. We are asked if we could estimate the price would likely be for a 90 year extension to my lease. Comparative homes in Hebburn with a long lease were worth £174,200. The average amount of ground rent was £55 invoiced every twelve months. The lease ended on 13 June 2077. Taking into account 51 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.