Main reasons to commence your Thornaby on Tees lease extension

Why you should start your Thornaby on Tees lease extension today:

Increase your lease and increase your Thornaby on Tees property value

Chances are that where you own a flat in Thornaby on Tees you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold properties in Thornaby on Tees with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders may not grant a mortgage on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time left on a leasehold property before they will consider lending on it. Even if you don't need a mortgage, you should be conscious that it is probable that someone wanting to acquire your property in the future might well do, so if they can't get a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Thornaby on Tees?

Regardless of whether you are a tenant or a freeholder in Thornaby on Tees,the lease extension lawyers 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 Thornaby on Tees valuers.

Thornaby on Tees Lease Extension Example Cases:

Danielle, Thornaby on Tees, Stockton on Tees,

In the wake of 6 months of unsuccessful negotiations with the freeholder of her basement apartment in Thornaby on Tees, Danielle commenced the lease extension process just as the lease was approaching the all-important 80-year mark. The legal work completed in October 2015. The landlord’s charges were negotiated to less than 450 pounds.

Thornaby on Tees case:

Mr Toby David completed a ground floor flat in Thornaby on Tees in February 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparative homes in Thornaby on Tees with a long lease were worth £198,800. The average ground rent payable was £55 invoiced monthly. The lease finished in 2081. Considering the 55 years outstanding we approximated the premium to the landlord to extend the lease to be between £33,300 and £38,400 exclusive of fees.

Thornaby on Tees case:

Mrs I Parker completed a first floor flat in Thornaby on Tees in April 1995. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable premises in Thornaby on Tees with an extended lease were worth £295,000. The average amount of ground rent was £45 collected quarterly. The lease ended in 2101. Considering the 75 years as a residual term we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of expenses.