Top reasons for North End lease extension

Why you should start your North End lease extension today:

A North End leasehold property depreciates with the years remaining on the lease.

Unfortunately that a North End residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the North End property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips below 80 years - otherwise a higher premium will be due. Most flat owners in North End will be able to extend under the legislation; however a lawyer will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the formalities.

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

Leasehold residencies in North End with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may decide not to lend with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so where they are unable to obtain a mortgage, then the financial worth of the property could suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in North End lease extensions?

Lease extensions in North End can be a difficult process. We recommend you secure professional help 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 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 Summaries:

Jude, North End, Hampshire

Half a year ago Jude, came perilously near to the 80-year threshold with the lease on his first floor apartment in North End. In buying his property 19 years ago, the unexpired term was of little relevance. Thankfully, it dawned on him that he would soon be paying way over the odds for Extending the lease. Jude was able to extend his lease just ahead of time last July. Jude and the freeholder eventually agreed on sum of £6,000 . If he not met the deadline, the figure would have become more costly by at least £950.

North End case:

Last Christmas we were called by Mrs M Carter , who acquired a studio flat in North End in July 2010. The dilemma was if we could approximate the premium would be for a ninety year extension to my lease. Comparable premises in North End with 100 year plus lease were valued around £255,000. The average amount of ground rent was £50 collected annually. The lease came to a finish in 2097. Considering the 71 years remaining we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 plus expenses.