Main reasons to commence your Riding Mill lease extension

Main reasons to start your Riding Mill lease extension today:

A Riding Mill leasehold property depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Riding Mill depends on how long the lease has left to run. If it is near to or less than eighty years you should envisage difficulties on re-sale, so it is advisable to arrange for the lease to be extended before purchasing. Ideally one should start the lease extension process when a lease still has 82 years unexpired so that formalities can be concluded prior to the eighty year cut off point. Statute enables Riding Mill qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The purpose of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

Nearly all banks and building societies insist on a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Regardless of whether you require a mortgage, you should be aware that it is likely that someone wanting to buy your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of your property could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Riding Mill lease extensions?

Engaging our service gives you enhanced control over the value of your Riding Mill leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Riding Mill Lease Extension Case Summaries:

Gemma, Riding Mill, Northumberland,

After protracted negotiations with the freeholder of her purpose-built apartment in Riding Mill, Gemma started the lease extension process just as her lease was coming close to the crucial eighty-year threshold. The legal work was concluded in August 2014. The freeholder’s charges were kept to an absolute minimum.

Riding Mill case:

Dr Milo Garcia was assigned a lease of a purpose-built flat in Riding Mill in August 1995. The dilemma was if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Comparative flats in Riding Mill with 100 year plus lease were valued around £265,000. The average ground rent payable was £55 billed annually. The lease finished on 4 May 2100. Considering the 74 years remaining we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of legals.

Riding Mill case:

In 2009 we were approached by Mr and Mrs. F López who, having purchased a one bedroom apartment in Riding Mill in March 2003. We are asked if we could approximate the compensation to the landlord would be for a ninety year lease extension. Identical flats in Riding Mill with a long lease were worth £166,400. The mid-range ground rent payable was £60 invoiced monthly. The lease expired in 2080. Having 54 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £32,300 and £37,400 not including costs.