Why you should commence your Middleton St George lease extension

Main reasons to start your Middleton St George lease extension today:

Increase your lease and increase your Middleton St George property value

Middleton St George leases on residential deteriorating in value. Where your lease has about ninety years left, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the existing lease drops below eighty years - otherwise a higher amount will be due. Leasehold owners in Middleton St George will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancing solicitor to check your eligibility. In certain situations you may not qualify. There are prescribed deadlines and formalities to follow once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

Middleton St George property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may not finance a property with a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have at least 60 if not 70 years left at the expiry of the mortgage. As many flats in Middleton St George were created in the fifties, sixties and seventies as a result many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Middleton St George lease extensions?

Engaging our service will provide you increased control over the value of your Middleton St George leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Middleton St George Lease Extension Case Studies:

Nicole, Middleton St George, County Durham,

Trailing protracted discussions with the freeholder of her garden apartment in Middleton St George, Nicole started the lease extension process just as her lease was coming close to the critical eighty-year deadline. The legal work was finalised in April 2005. The landlord’s charges were kept to an absolute minimum.

Middleton St George case:

In 2011 we were approached by Dr E Green who, having was assigned a lease of a basement apartment in Middleton St George in March 2009. The question was if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Similar premises in Middleton St George with 100 year plus lease were in the region of £168,800. The average amount of ground rent was £60 invoiced per annum. The lease finished on 25 May 2081. Having 55 years left we approximated the premium to the landlord to extend the lease to be within £30,400 and £35,200 not including legals.

Middleton St George case:

In 2014 we were called by Mrs Millie Green who, having was assigned a lease of a one bedroom flat in Middleton St George in October 2005. The question was if we could estimate the price would be for a ninety year lease extension. Identical flats in Middleton St George with an extended lease were worth £235,200. The mid-range ground rent payable was £45 billed yearly. The lease lapsed on 24 June 2092. Having 66 years unexpired we approximated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of fees.