Top reasons for South Hylton lease extension

Why you should commence your South Hylton lease extension today:

Increase your lease and increase your South Hylton property value

The only way is down when it comes to South Hylton lease terms. South Hylton leaseholds that have a lease term less than than eighty years will reduce in market price at a rapid rate, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

Leasehold premises in South Hylton with more than one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This may cause difficulties once you need to dispose of or remortgage your property as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your purchaser must hold off for 2 years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in South Hylton?

Retaining our service will provide you increased control over the value of your South Hylton leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South Hylton Lease Extension Case Studies:

Jade, South Hylton, Tyne And Wear,

Following unsuccessful correspondence with the landlord of her ground floor apartment in South Hylton, Jade initiated the lease extension process as the 80 year mark was swiftly approaching. The lease extension completed in May 2013. The landlord’s fees were kept to an absolute minimum.

South Hylton case:

Dr Jamie Mason moved into a one bedroom flat in South Hylton in May 2007. The question was if we could estimate the premium would be to extend the lease by 90 years. Comparable premises in South Hylton with an extended lease were worth £168,800. The mid-range ground rent payable was £60 collected every twelve months. The lease elapsed on 13 January 2081. Considering the 55 years as a residual term we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including professional charges.

South Hylton case:

Dr Aaron Harris was assigned a lease of a basement flat in South Hylton in February 2004. The dilemma was if we could shed any light on how much (approximately) premium could be for a 90 year lease extension. Comparative properties in South Hylton with 100 year plus lease were valued about £235,200. The average ground rent payable was £45 billed every twelve months. The lease concluded in 2092. Taking into account 66 years remaining we estimated the compensation to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of legals.