Why you should start your Murton lease extension

Why you should commence your Murton lease extension today:

Increase your lease and increase your Murton property value

Murton leases on domestic deteriorating in value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease drops below eighty years - otherwise a higher amount will be due. Leasehold owners in Murton will usually be legally entitled to a lease extension; however it’s a good idea to check with a conveyancer to confirm your eligibility. In certain circumstances you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a lawyer during the process.

Murton property with a lease extension has roughly the same value as a freehold

Leasehold properties in Murton with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may decide not to finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may be problematic once you need to market or refinance your property as it will be effectively unmortgageable. You might not have an immediate plan to sell but when you do your purchaser must wait 2 years before being able to exercise the right to a an extension to the lease.

What makes us experts in Murton lease extensions?

Lease extensions in Murton can be a difficult process. We recommend you get guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 Murton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Murton Lease Extension Example Cases:

Emily, Murton, County Durham,

After lengthy correspondence with the freeholder of her basement apartment in Murton, Emily started the lease extension process as the 80 year threshold was rapidly nearing. The legal work was finalised in April 2008. The freeholder’s charges were kept to an absolute minimum.

Murton case:

Mr and Mrs. E Walker bought a ground floor apartment in Murton in August 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by ninety years. Comparative properties in Murton with a long lease were valued about £216,000. The mid-range amount of ground rent was £60 invoiced annually. The lease came to a finish in 2084. Considering the 58 years left we calculated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of fees.

Murton case:

Last Christmas we were approach by Mrs Sophie Nguyen , who owned a recently refurbished apartment in Murton in September 2004. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Comparative homes in Murton with 100 year plus lease were worth £200,000. The mid-range ground rent payable was £50 billed monthly. The lease lapsed in 2104. Considering the 78 years left we approximated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of expenses.