Main reasons to commence your Seaton and Hartley lease extension

Top reasons for lease extension now:

A Seaton and Hartley lease depreciates with the years remaining on the lease.

The only way is down when it comes to Seaton and Hartley lease terms. Seaton and Hartley flats that have a residual term lower than eighty years will drop in value at a rapid rate, and the cost of extending your lease will increase.

Seaton and Hartley property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to lend with a short lease

Banks and building societies are really clamping down as regards to properties in Seaton and Hartley with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the number of prospective purchasers.

What makes us experts in Seaton and Hartley lease extensions?

The conveyancing solicitors that we work with procure Seaton and Hartley 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.

Seaton and Hartley Lease Extension Case Studies:

Rachel, Seaton and Hartley, Northumberland,

Trailing protracted discussions with the freeholder of her one bedroom apartment in Seaton and Hartley, Rachel started the lease extension process just as the lease was nearing the crucial eighty-year mark. The lease extension was concluded in August 2005. The landlord’s charges were restricted to a tad over 550 GBP.

Seaton and Hartley case:

Last Summer we were e-mailed by Mr and Mrs. S Moreau , who moved into a ground floor apartment in Seaton and Hartley in March 2008. We are asked if we could estimate the premium would be for a 90 year extension to my lease. Comparative flats in Seaton and Hartley with an extended lease were valued around £218,000. The mid-range ground rent payable was £45 billed quarterly. The lease expired in 2089. Having 63 years outstanding we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 exclusive of expenses.

Seaton and Hartley case:

Last month we were contacted by Dr Ben Harris , who owned a studio flat in Seaton and Hartley in July 2005. We are asked if we could estimate the price would be to prolong the lease by 90 years. Similar flats in Seaton and Hartley with 100 year plus lease were valued about £270,000. The average ground rent payable was £55 collected every twelve months. The lease end date was on 25 January 2100. Given that there were 74 years outstanding we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.