Top reasons for Northern Moor lease extension

Top reasons for lease extension now:

Increase your lease and increase your Northern Moor property value

Northern Moor residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

Northern Moor property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

The trend since over the last decade has been for mortgage companies to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically lenders were content with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as standard.

What makes us experts in Northern Moor lease extensions?

The lawyers that we work with handle Northern Moor lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Northern Moor Lease Extension Example Cases:

Georgina, Northern Moor, Manchester,

Following protracted negotiations with the landlord of her purpose-built apartment in Northern Moor, Georgina commenced the lease extension process as the eighty year deadline was quickly nearing. The transaction completed in November 2008. The landlord’s costs were kept to an absolute minimum.

Northern Moor case:

Last October we were e-mailed by Mr Y Jones , who moved into a garden apartment in Northern Moor in January 1999. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable residencies in Northern Moor with a long lease were worth £290,000. The average amount of ground rent was £45 collected quarterly. The lease ended in 2098. Taking into account 72 years left we approximated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 not including expenses.

Northern Moor case:

Last year we were approach by Mr Tyler Cook , who took over the lease of a one bedroom apartment in Northern Moor in November 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Comparative properties in Northern Moor with 100 year plus lease were valued about £233,200. The average ground rent payable was £60 collected quarterly. The lease terminated in 2087. Considering the 61 years unexpired we calculated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 not including legals.