Top reasons for North End lease extension

Why you should commence 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 accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying North End residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in North End you should check if your lease has between 70 and ninety years left. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

North End property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, 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

The trend since 2008 has been for lenders to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. In the past lenders were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in North End?

Lease extensions in North End can be a difficult process. We recommend you get 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 in-depth market knowledge procuring 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:

Natalie, North End, Hampshire,

Trailing lengthy correspondence with the landlord of her one bedroom flat in North End, Natalie commenced the lease extension process as the 80 year threshold was rapidly coming. The legal work was finalised in February 2011. The landlord’s fees were kept to an absolute minimum.

North End case:

In 2012 we were contacted by Dr M Girard who, having was assigned a lease of a purpose-built apartment in North End in October 2003. We are asked if we could estimate the premium would likely be for a ninety year extension to my lease. Identical homes in North End with an extended lease were worth £270,000. The mid-range amount of ground rent was £55 invoiced annually. The lease finished in 2101. Given that there were 75 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus professional charges.