Why you should start your North End lease extension

Why you should commence your North End lease extension today:

Increase your lease and increase your North End property value

The only way is down when it comes to North End lease terms. North End properties that have a remaining term fewer than eighty years will drop in value at a rapid rate, and the cost of extending your lease will increase.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to lend with a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This may be problematic when you wish to dispose of or remortgage your property as it will be practically unmortgageable. You might have no immediate plan to sell but when you do your purchaser must hold off for 2 years before being able to initiate the legal procedures for a lease extension.

Why use us for your lease extension in North End?

Lease extensions in North End can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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:

Theo, North End, Hampshire,

Theo owned a high value flat in North End on the market with a lease of a few days over 59 years unexpired. Theo on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be payable on a lease extension were Theo to exercise his statutory right. Theo procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

North End case:

In 2012 we were approached by Ms Alice Davis who, having moved into a basement apartment in North End in September 2009. The question was if we could approximate the price would be for a ninety year extension to my lease. Comparable premises in North End with a long lease were valued around £256,600. The mid-range amount of ground rent was £60 billed every twelve months. The lease elapsed in 2078. Having 52 years outstanding we estimated the compensation to the landlord for the lease extension to be within £39,000 and £45,000 plus professional charges.