Why you should commence your Thornaby lease extension

Main reasons to commence your Thornaby lease extension today:

A Thornaby lease depreciates with the years remaining on the lease.

As the the remaining lease term of a Thornaby domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond one hundred years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease sooner as opposed to later. The majority of flat owners in Thornaby will meet the qualifying criteria; that being said a conveyancing solicitor will be able to advise if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

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

Almost all banks and building societies insist on a lengthy amount of time remaining 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 buy your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of your property will likely suffer. Since 2008 the majority of mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Thornaby lease extensions?

Lease extensions in Thornaby can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Thornaby lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Thornaby Lease Extension Example Cases:

Imogen, Thornaby, County Durham,

Trailing unsuccessful discussions with the landlord of her leasehold flat in Thornaby, Imogen initiated the lease extension process just as the lease was approaching the crucial eighty-year mark. The lease extension was concluded in July 2014. The landlord’s costs were kept to an absolute minimum.

Thornaby case:

Dr Ali Johnson owned a newly refurbished flat in Thornaby in October 2009. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Identical premises in Thornaby with an extended lease were in the region of £285,000. The average ground rent payable was £55 billed per annum. The lease ran out on 25 July 2105. Given that there were 79 years left we estimated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.

Thornaby case:

Mr and Mrs. G Williams bought a purpose-built flat in Thornaby in June 2001. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable homes in Thornaby with 100 year plus lease were in the region of £193,400. The average amount of ground rent was £65 collected per annum. The lease terminated on 24 November 2085. Having 59 years unexpired we estimated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 plus expenses.