Why you should commence your Jesmond lease extension

Top reasons for lease extension now:

Increase your lease and increase your Jesmond property value

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

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

Leasehold premises in Jesmond with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Lenders will not finance a property with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become jittery at around 75 years. This will cause difficulties when you need to market or remortgage your property as it will be effectively unmortgageable. You may not have an immediate desire to sell but when you do your purchaser must wait a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Jesmond lease extensions?

Lease extensions in Jesmond can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 Jesmond lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Jesmond Lease Extension Example Cases:

Ashleigh, Jesmond, Tyne And Wear,

Trailing unsuccessful discussions with the freeholder of her one bedroom flat in Jesmond, Ashleigh initiated the lease extension process just as her lease was coming close to the all-important 80-year threshold. The lease extension completed in March 2005. The landlord’s fees were kept to an absolute minimum.

Jesmond case:

Mr and Mrs. P Collins owned a purpose-built flat in Jesmond in January 2000. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar premises in Jesmond with a long lease were valued about £260,200. The average ground rent payable was £65 invoiced quarterly. The lease expired on 22 July 2092. Considering the 66 years remaining we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of costs.

Jesmond case:

In 2012 we were contacted by Mr and Mrs. D Bennett who, having completed a basement apartment in Jesmond in February 2008. The question was if we could shed any light on how much (roughly) price could be to prolong the lease by a further 90 years. Similar flats in Jesmond with a long lease were valued about £198,800. The average amount of ground rent was £55 billed monthly. The lease elapsed in 2081. Considering the 55 years remaining we approximated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of fees.