Main reasons to start your Middlesbrough lease extension

Main reasons to commence your Middlesbrough lease extension today:

Increase your lease and increase your Middlesbrough property value

As the the remaining lease term of a Middlesbrough residential lease lessens so does its value and therefore the value of your property. Where the lease has, more than 100 years remaining then this decrease may be negligible however there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner as opposed to later. The majority of flat owners in Middlesbrough will qualify for this right; nevertheless a conveyancing solicitor can confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Middlesbrough with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Lenders are tightening their criteria and many now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Given that many flats in Middlesbrough were built in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Middlesbrough lease extensions?

Retaining our service gives you increased control over the value of your Middlesbrough leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Middlesbrough Lease Extension Example Cases:

Charlie, Middlesbrough, North Yorkshire

Two years ago Charlie, started to get near to the 80-year threshold with the lease on his one bedroom flat in Middlesbrough. In buying his flat two decades ago, the unexpired term was of little interest. Thankfully, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Charlie was able to extend his lease just ahead of time in August. Charlie and the landlord subsequently settled on the final figure of £6,000 . If the lease had dropped below 80 years, the price would have escalated by at least £950.

Middlesbrough case:

Ms Chantelle Mercier acquired a studio apartment in Middlesbrough in February 2000. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by ninety years. Similar flats in Middlesbrough with an extended lease were in the region of £181,600. The mid-range ground rent payable was £55 collected every twelve months. The lease finished on 4 November 2078. Having 52 years unexpired we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including professional charges.

Middlesbrough case:

In 2009 we were phoned by Dr Oliver Moore who, having was assigned a lease of a garden apartment in Middlesbrough in March 2008. We are asked if we could approximate the premium would likely be for a 90 year extension to my lease. Comparable properties in Middlesbrough with a long lease were valued about £290,000. The mid-range amount of ground rent was £45 invoiced every twelve months. The lease ended on 10 August 2098. Having 72 years left we approximated the premium to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of professional charges.