Main reasons to commence your Murton lease extension

Top reasons for lease extension now:

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

Murton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Murton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Murton you should check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

Leasehold premises in Murton with in excess of 100 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 upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lenders will not finance a property with a short lease

Almost all banks and building societies will not lend on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this will result in your Murton property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Murton?

The lawyers that we work with procure Murton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Murton Lease Extension Example Cases:

Georgia, Murton, County Durham,

Following unsuccessful discussions with the landlord of her one bedroom apartment in Murton, Georgia commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The lease extension completed in October 2010. The landlord’s fees were restricted to slightly above 450 pounds.

Murton case:

Dr O Martínez moved into a one bedroom flat in Murton in August 1997. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Comparable homes in Murton with a long lease were worth £191,400. The mid-range amount of ground rent was £55 collected yearly. The lease came to a finish in 2080. Taking into account 54 years as a residual term we estimated the premium to the landlord to extend the lease to be between £34,200 and £39,600 plus professional charges.

Murton case:

Ms B Collins took over the lease of a basement flat in Murton in February 1999. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparable properties in Murton with an extended lease were in the region of £295,000. The average amount of ground rent was £45 invoiced quarterly. The lease end date was in 2100. Having 74 years unexpired we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including professional charges.