Top reasons for Morpeth lease extension

Why you should start your Morpeth lease extension today:

A Morpeth lease depreciates with the years remaining on the lease.

Morpeth leases on domestic deteriorating in value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Morpeth will mostly be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are prescribed deadlines and steps to follow once the process is triggered so it’s prudent to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not loan monies on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on any leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone intending to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Morpeth lease extension solicitors or enfranchisement solicitors

Lease extensions in Morpeth can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience dealing with Morpeth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Morpeth Lease Extension Example Cases:

Kyle, Morpeth, Northumberland

During the course of the last few months Kyle, came precariously close to the eighty-year threshold with the lease on his first floor apartment in Morpeth. In buying his home two decades ago, the lease term was of little interest. by good luck, he recognised he would soon be paying way over the odds for a lease extension. Kyle extended the lease just under the wire last May. Kyle and the freeholder in the end settled on the final figure of £6,000 . If he not met the deadline, the price would have escalated by at least £1,000.

Morpeth case:

In 2013 we were contacted by Mr and Mrs. H González who, having completed a recently refurbished apartment in Morpeth in May 2003. The question was if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Morpeth with an extended lease were in the region of £295,000. The mid-range ground rent payable was £50 collected quarterly. The lease lapsed in 2101. Taking into account 75 years outstanding we calculated the premium to the landlord to extend the lease to be between £8,600 and £9,800 not including fees.

Morpeth case:

Last Autumn we were phoned by Dr B Gunderson , who owned a first floor apartment in Morpeth in November 2001. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year extension to my lease. Similar residencies in Morpeth with a long lease were in the region of £250,400. The mid-range ground rent payable was £65 invoiced annually. The lease terminated on 23 April 2090. Having 64 years unexpired we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 not including fees.