Top reasons for Monkseaton lease extension

Main reasons to start your Monkseaton lease extension today:

Increase your lease and increase your Monkseaton property value

There is no doubt about it a leasehold property in Monkseaton is a wasting asset as a result of the shortening lease. If the residual term has, in excess of 100 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner as opposed to later. The majority of flat owners in Monkseaton will meet the qualifying criteria; that being said a conveyancing solicitor should be able to advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

Leasehold properties in Monkseaton with in excess of 100 years left on the lease are sometimes regarded as a ‘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 freehold unless savings on ground rent and service charges merit it.

Lenders may not issue a mortgage with a short lease

Nearly all mortgage companies will not lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties to obtain a mortgage and this could result in your Monkseaton property being difficult to sell or to obtain finance on.

What makes us experts in Monkseaton lease extensions?

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

Monkseaton Lease Extension Case Studies:

Ryan, Monkseaton, Tyne And Wear

During the course of the last few months Ryan, came perilously near to the eighty-year threshold with the lease on his studio flat in Monkseaton. In buying his home two decades ago, the unexpired term was of no concern. As luck would have it, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Ryan arranged for a lease extension just under the wire in March. Ryan and the landlord ultimately agreed on the final figure of £5,000 . If he failed to meet the deadline, the premium would have become more costly by a minimum £900.

Monkseaton case:

In 2010 we were phoned by Mr and Mrs. D López who, having bought a one bedroom flat in Monkseaton in March 1998. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable residencies in Monkseaton with 100 year plus lease were in the region of £227,800. The mid-range amount of ground rent was £45 collected monthly. The lease expired on 21 August 2091. Having 65 years left we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of expenses.

Monkseaton case:

Last January we were contacted by Mrs U Sánchez , who took over the lease of a recently refurbished flat in Monkseaton in August 2004. The question was if we could approximate the price could be to extend the lease by 90 years. Comparable premises in Monkseaton with a long lease were in the region of £275,000. The mid-range ground rent payable was £55 billed yearly. The lease finished on 3 January 2102. Having 76 years unexpired we approximated the premium to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of legals.