Top reasons for North End lease extension

Main reasons to commence your North End lease extension today:

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

For those whose North End flat is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same 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 decades to come.

Banks and Building Societies may not issue a mortgage on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You are likely to experience problems if you need to sell your flat in North End if the remaining term of your lease is below the criteria set by the majority of banks and building societies. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of 65 years.

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

Irrespective of whether you are a tenant or a freeholder in North End,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with North End valuers.

North End Lease Extension Example Cases:

Joshua, North End, Hampshire,

Joshua was the the leasehold proprietor of a studio flat in North End on the market with a lease of fraction over sixty years outstanding. Joshua on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Joshua to exercise his statutory right. Joshua obtained expert advice and secured satisfactory resolution informally and readily saleable.

North End case:

Mrs Victoria Anderson acquired a one bedroom apartment in North End in January 1998. The question was if we could estimate the premium would likely be for a ninety year extension to my lease. Similar premises in North End with an extended lease were in the region of £246,800. The average ground rent payable was £60 billed yearly. The lease finished on 28 July 2075. Having 50 years left we calculated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 plus costs.