Riding Mill Lease Extension - Free Consultation

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Before you progress with your lease extension in Riding Mill
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Riding Mill lease extension

Why you should commence your Riding Mill lease extension today:

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

On the balance of probabilities if you own a flat in Riding Mill you actually own a long leasehold interest over your property

Riding Mill property with a lease extension has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not issue a mortgage on a short lease

Most banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Riding Mill property becoming difficult to sell or to obtain finance on.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Riding Mill lease extensions?

Regardless of whether you are a tenant or a freeholder in Riding Mill,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Riding Mill valuers.

Riding Mill Lease Extension Case Studies:

Niamh, Riding Mill, Northumberland,

After lengthy discussions with the freeholder of her two bedroom apartment in Riding Mill, Niamh commenced the lease extension process as the 80 year deadline was swiftly advancing. The transaction was concluded in October 2013. The freeholder’s fees were negotiated to below 700 pounds.

Riding Mill case:

Last Spring we were contacted by Mr and Mrs. C Ricardo , who took over the lease of a purpose-built apartment in Riding Mill in April 1999. The dilemma was if we could approximate the price would likely be for a ninety year lease extension. Similar residencies in Riding Mill with an extended lease were worth £250,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease terminated in 2094. Given that there were 69 years left we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.

Riding Mill case:

In 2013 we were phoned by Dr Niamh Bernard who, having moved into a first floor apartment in Riding Mill in August 2012. The question was if we could estimate the price would be for a 90 year extension to my lease. Comparative premises in Riding Mill with an extended lease were in the region of £290,000. The mid-range ground rent payable was £60 invoiced yearly. The lease ran out on 27 March 2105. Considering the 80 years unexpired we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of fees.