Why you should commence your North Newbald lease extension

Main reasons to start your North Newbald lease extension today:

Increase your lease and increase your North Newbald property value

On the balance of probabilities where you own a flat in North Newbald you actually own a long leasehold interest over your property

North Newbald property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Lending institutions will not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This will be problematic once you need to sell or remortgage your flat as it will be practically unmortgageable. Even though you might not have an immediate intention to sell but when you do your purchaser must wait 2 years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in North Newbald?

Lease extensions in North Newbald can be a difficult process. We recommend you procure guidance from a conveyancer and valuer with experience in lease extensions.

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 dealing with North Newbald lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

North Newbald Lease Extension Case Summaries:

Thomas, North Newbald, East Yorkshire

In recent months Thomas, came precariously near to the 80-year mark with the lease on his garden flat in North Newbald. In buying his flat two decades ago, the unexpired term was of no significance. Fortunately, he realised he needed to take steps soon on Extending the lease. Thomas extended the lease just in the nick of time last August. Thomas and the freeholder via the managing agents in the end agreed on the final figure of £5,000 . If the lease had slipped lower than 80 years, the premium would have increased by at least £975.

North Newbald case:

Last year we were e-mailed by Mr and Mrs. V Hall , who completed a one bedroom apartment in North Newbald in June 2000. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable flats in North Newbald with 100 year plus lease were worth £252,800. The average amount of ground rent was £65 collected per annum. The lease finished on 18 November 2091. Taking into account 65 years unexpired we approximated the premium to the freeholder for the lease extension to be between £18,100 and £20,800 exclusive of fees.

North Newbald case:

In 2013 we were approached by Ms P Bell who, having owned a studio apartment in North Newbald in August 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Similar homes in North Newbald with a long lease were valued about £191,400. The mid-range ground rent payable was £55 billed every twelve months. The lease lapsed on 26 September 2080. Given that there were 54 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £34,200 and £39,600 exclusive of legals.