Main reasons to commence your North End lease extension

Main reasons to start your North End lease extension today:

Increase your lease and increase your North End property value

North End leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in North End enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in North End you should check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

Leasehold properties in North End with in excess of 100 years unexpired 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 circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Mortgage lenders may decide not to lend on a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as deficient for lending purposes.

Get in touch with one of our North End lease extension solicitors or enfranchisement solicitors

Lease extensions in North End can be a difficult process. We recommend you obtain professional help from a lawyer and surveyor with experience in this area.

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

North End Lease Extension Case Studies:

Jessica, North End, Hampshire,

After unsuccessful discussions with the freeholder of her purpose-built apartment in North End, Jessica commenced the lease extension process as the 80 year mark was quickly nearing. The legal work was concluded in August 2008. The freeholder’s fees were kept to an absolute minimum.

North End case:

Mr and Mrs. K Alexander took over the lease of a first floor apartment in North End in February 2000. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparative properties in North End with 100 year plus lease were in the region of £237,600. The average amount of ground rent was £45 collected monthly. The lease ran out on 8 January 2093. Taking into account 67 years outstanding we approximated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 exclusive of fees.