Why you should start your Murton lease extension

Why you should commence your Murton lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Murton. Clearly, the term of lease remaining shortens as time goes by. This is often ignored and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Murton have the right to extend the lease for an additional 90 years under legislation. Do give careful consideration before putting off your Murton lease extension. Holding off that expense now likely increases the price you will eventually have to pay to extend your lease

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

Leasehold properties in Murton with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not finance a property on a short lease

Mortgage companies are really restricting their approach as regards to properties in Murton with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of potential buyers.

What makes us experts in Murton lease extensions?

The conveyancers 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 conveyancer we work with provide it.

Murton Lease Extension Example Cases:

Rosie, Murton, County Durham,

After protracted negotiations with the landlord of her two bedroom apartment in Murton, Rosie initiated the lease extension process just as the lease was coming close to the all-important 80-year threshold. The lease extension completed in July 2007. The freeholder’s fees were restricted to slightly above 600 pounds.

Murton case:

Ms Aimee Fournier moved into a garden flat in Murton in June 2001. The dilemma was if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparative homes in Murton with a long lease were valued about £280,000. The mid-range amount of ground rent was £45 billed per annum. The lease finished in 2096. Given that there were 70 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.

Murton case:

Last Autumn we were e-mailed by Mr G Gunderson , who moved into a basement apartment in Murton in February 2002. We are asked if we could estimate the price would be for a 90 year extension to my lease. Similar premises in Murton with a long lease were worth £218,400. The average amount of ground rent was £60 collected per annum. The lease terminated in 2085. Having 59 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of legals.