Main reasons to start your Rothbury lease extension

Why you should start your Rothbury lease extension today:

Increase your lease and increase your Rothbury property value

Rothbury leases on residential deteriorating in value. Where your lease has in the region of ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher premium will be payable. Leasehold owners in Rothbury will mostly qualify for a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

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

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders will not issue a mortgage with a short lease

Nearly all banks and building societies require a lengthy amount of time left on any leasehold property before they will consider lending on it. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wishing to acquire your property in the future might well do, so if they can't secure a mortgage, then the market price of your property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Rothbury?

Using our service gives you better control over the value of your Rothbury leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Rothbury Lease Extension Case Summaries:

Rosie, Rothbury, Northumberland,

Subsequent to lengthy negotiations with the landlord of her leasehold flat in Rothbury, Rosie commenced the lease extension process as the eighty year deadline was rapidly advancing. The lease extension was finalised in September 2009. The freeholder’s fees were negotiated to a tad over 600 GBP.

Rothbury case:

Dr Freya Parker acquired a one bedroom flat in Rothbury in September 2004. We are asked if we could approximate the premium could be to extend the lease by an additional years. Comparable homes in Rothbury with an extended lease were valued around £257,800. The average amount of ground rent was £65 invoiced every twelve months. The lease expired in 2091. Having 65 years remaining we estimated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 plus costs.

Rothbury case:

In 2010 we were e-mailed by Mr and Mrs. T King who, having owned a newly refurbished flat in Rothbury in August 1998. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Similar flats in Rothbury with a long lease were valued around £191,400. The mid-range ground rent payable was £55 invoiced annually. The lease elapsed on 22 April 2080. Given that there were 54 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £34,200 and £39,600 plus costs.