Why you should start your 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.

North End residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not loan monies on a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You most probably encounter problems if you want to sell your flat in North End if the remaining lease term is below the criteria set by the majority of lenders. Different lenders have different criteria but generally theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in North End?

Irrespective of whether you are a tenant or a landlord in North End,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with North End valuers.

North End Lease Extension Example Cases:

Samuel, North End, Hampshire

Two years ago Samuel, started to get close to the eighty-year threshold with the lease on his ground floor apartment in North End. Having purchased his flat two decades ago, the length of the lease was of minimal bearing. Fortunately, he recognised he needed to take action soon on Extending the lease. Samuel extended the lease just under the wire last May. Samuel and the freeholder eventually settled on sum of £6,000 . If he failed to meet the deadline, the premium would have gone up by a minimum £875.

North End case:

In 2012 we were phoned by Mr and Mrs. G Brooks who, having acquired a basement flat in North End in January 1998. We are asked if we could estimate the price would be for a 90 year lease extension. Similar residencies in North End with 100 year plus lease were in the region of £285,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease came to a finish on 19 May 2105. Given that there were 79 years left we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus legals.