Why you should start your Port Clarence lease extension

Why you should commence your Port Clarence lease extension today:

A Port Clarence leasehold property depreciates with the years remaining on the lease.

With a domestic leasehold premises in Port Clarence, you are actually purchasing an entitlement to live in a property for a set period of time. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you should think about a lease extension sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater particularly when there are fewer than eighty years remaining. Leasehold owners in Port Clarence with a lease drawing near to 81 years left should seriously think of extending it without delay. Once a lease has under 80 years left, under the current statute the landlord is entitled to calculate and demand a greater amount, assessed on a technical calculation, known as “marriage value” which is due.

Port Clarence property with a lease extension has roughly the same value as a freehold

Leasehold premises in Port Clarence with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so if they can't secure a mortgage, then the market price of the property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Port Clarence?

The lawyers that we work with procure Port Clarence 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 conveyancing solicitor we work with provide it.

Port Clarence Lease Extension Case Summaries:

Morgan, Port Clarence, Stockton on Tees,

Subsequent to protracted correspondence with the landlord of her leasehold apartment in Port Clarence, Morgan started the lease extension process just as the lease was approaching the all-important eighty-year mark. The transaction completed in May 2014. The freeholder’s fees were kept to an absolute minimum.

Port Clarence case:

Last Spring we were approach by Ms N Roux , who was assigned a lease of a recently refurbished apartment in Port Clarence in October 2001. We are asked if we could estimate the premium would be to prolong the lease by ninety years. Identical properties in Port Clarence with a long lease were valued about £285,000. The average amount of ground rent was £45 billed quarterly. The lease finished in 2097. Considering the 71 years outstanding we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.

Port Clarence case:

Dr Jason Vincent acquired a one bedroom flat in Port Clarence in October 1999. We are asked if we could estimate the price could be to prolong the lease by 90 years. Identical flats in Port Clarence with 100 year plus lease were in the region of £230,800. The mid-range amount of ground rent was £60 invoiced monthly. The lease expired in 2086. Considering the 60 years remaining we estimated the premium to the landlord for the lease extension to be within £24,700 and £28,600 not including fees.