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Top reasons for North End lease extension

Main reasons to start your North End lease extension today:

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

The nearer a residential lease in North End nears to zero years unexpired, the more it reduces the value of the property. If the lease has, over one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending without delay. Most flat owners in North End will qualify for this right; that being said a conveyancer should be able to advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold premises in North End with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not finance a property with a short lease

Banks and building societies are tightening their criteria and many now expect flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Considering plenty of flats in North End were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to get a mortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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 lawyer 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 Example Cases:

Jackson, North End, Hampshire,

Jackson owned a high value apartment in North End on the market with a lease of a little over 72 years left. Jackson informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Jackson to invoke his statutory right. Jackson obtained expert advice and was able to make an informed judgement and handle with the matter and readily saleable.

North End case:

Last Winter we were approach by Mrs Daisy Girard , who took over the lease of a one bedroom flat in North End in March 2008. We are asked if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Identical flats in North End with an extended lease were valued around £235,200. The average ground rent payable was £45 billed quarterly. The lease expired on 28 February 2090. Having 66 years remaining we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus costs.

Decision in Bexley

An example of a Lease Extension case for a North End premises is Various @ Colombus Square in January 2012. the Tribunal calculated the premiums to be paid for new leases for each of the flats in Mariners Walk to be £3822 and the premium to be paid for the new lease of 2 Knights Court to be £4439. This case affected 13 flats. The unexpired lease term was 76 years.