Why you should start your Northop lease extension

Top reasons for lease extension now:

A Northop lease depreciates with the years remaining on the lease.

Northop leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Northop residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Northop you must check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not issue a mortgage with a short lease

Mortgage companies do not like short residential leases. You most probably encounter difficulties where you want to sell your flat in Northop if the unexpired lease term is less than the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Northop?

The conveyancing solicitors that we work with undertake Northop 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.

Northop Lease Extension Example Cases:

Daniel, Northop, Flintshire,

Daniel owned a studio flat in Northop being marketed with a lease of a little over 61 years left. Daniel on an informal basis contacted his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Daniel to exercise his statutory right. Daniel obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Northop case:

Last Christmas we were called by Mr Tyler Hall , who took over the lease of a first floor flat in Northop in June 2009. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by 90 years. Comparative residencies in Northop with an extended lease were valued about £285,000. The average amount of ground rent was £55 collected yearly. The lease ended on 4 July 2106. Taking into account 80 years remaining we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus costs.

Northop case:

Dr Gabriel Wilson moved into a one bedroom apartment in Northop in January 2000. The question was if we could estimate the price could be for a ninety year extension to my lease. Similar properties in Northop with 100 year plus lease were in the region of £200,800. The average amount of ground rent was £65 billed per annum. The lease lapsed on 3 November 2086. Having 60 years as a residual term we estimated the premium to the landlord to extend the lease to be between £20,900 and £24,200 plus costs.