Top reasons for Newton Aycliffe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Newton Aycliffe property value

The value of Newton Aycliffe leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the unexpired lease term is less than eighty years

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

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not loan monies with a short lease

Mortgage lenders have specific criteria when lending monies charged on leasehold property. Many will simply refrain from lending at all once an unexpired lease term drops lower than a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years suitable security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Newton Aycliffe home.

Why use us for your lease extension in Newton Aycliffe?

The conveyancing solicitors that we work with handle Newton Aycliffe 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.

Newton Aycliffe Lease Extension Example Cases:

Luke, Newton Aycliffe, County Durham

Half a year ago Luke, came very close to the 80-year mark with the lease on his two bedroom apartment in Newton Aycliffe. Having purchased his flat 18 years previously, the unexpired term was of no concern. Fortunately, he recognised he needed to take action soon on Extending the lease. Luke arranged for a lease extension at the eleventh hour last January. Luke and the landlord who owned the flat above subsequently settled on a premium of £6,000 . If he failed to meet the deadline, the sum would have escalated by at least £1,150.

Newton Aycliffe case:

Mrs Harriet Lambert moved into a one bedroom apartment in Newton Aycliffe in October 1999. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year extension to my lease. Identical homes in Newton Aycliffe with an extended lease were worth £174,200. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated on 20 May 2077. Having 51 years unexpired we calculated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.

Newton Aycliffe case:

In 2011 we were called by Ms Chantelle Pérez who, having was assigned a lease of a purpose-built flat in Newton Aycliffe in July 1998. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative properties in Newton Aycliffe with 100 year plus lease were valued about £285,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease expired on 6 August 2097. Given that there were 71 years outstanding we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.