Newton Aycliffe Lease Extension - Free Consultation

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Before you progress with your lease extension in Newton Aycliffe
Get a quote from one of our lease extension experts with over 20 years experience.

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It may end up saving you thousands.

Main reasons to start your Newton Aycliffe lease extension

Main reasons to start your Newton Aycliffe lease extension today:

Increase your lease and increase your Newton Aycliffe property value

On the balance of probabilities if you own a flat in Newton Aycliffe you actually own a long leasehold interest over your property

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

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

Most high street banks are making their criteria more stringent and many now require flats to have at least sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in Newton Aycliffe were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Irrespective of whether you are a tenant or a landlord in Newton Aycliffe,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Newton Aycliffe valuers.

Newton Aycliffe Lease Extension Case Summaries:

Jonathan, Newton Aycliffe, County Durham,

Jonathan was the the leasehold owner of a high value flat in Newton Aycliffe being sold with a lease of a little over fifty eight years remaining. Jonathan on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Jonathan to invoke his statutory right. Jonathan procured expert advice and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Newton Aycliffe case:

In 2011 we were approached by Dr Archie Cook who, having acquired a basement flat in Newton Aycliffe in May 2005. The question was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparable flats in Newton Aycliffe with an extended lease were valued around £275,000. The average amount of ground rent was £65 billed per annum. The lease came to a finish in 2093. Considering the 68 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.

Newton Aycliffe case:

Mr Finley Scott owned a ground floor flat in Newton Aycliffe in September 2005. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparative residencies in Newton Aycliffe with 100 year plus lease were in the region of £208,600. The mid-range amount of ground rent was £60 collected per annum. The lease expired on 1 April 2082. Having 57 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of professional charges.