Main reasons to commence your Whickham lease extension

Why you should commence your Whickham lease extension today:

Increase your lease and increase your Whickham property value

The only way is down when it comes to Whickham lease terms. Whickham leaseholds that have a remaining term fewer than 80 years will drop in market price even faster, and the cost of extending your lease will increase.

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

Leasehold residencies in Whickham with more than 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not lend with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering a number of flats in Whickham were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Whickham?

The conveyancing solicitors that we work with handle Whickham 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 conveyancing solicitor we work with provide it.

Whickham Lease Extension Case Studies:

Rhiannon, Whickham, Tyne And Wear,

In the wake of 9 months of protracted discussions with the freeholder of her garden flat in Whickham, Rhiannon commenced the lease extension process as the eighty year threshold was rapidly advancing. The transaction completed in January 2014. The freeholder’s fees were restricted to a tad over 550 pounds.

Whickham case:

Mr and Mrs. E Cook was assigned a lease of a first floor flat in Whickham in January 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by an additional years. Comparative flats in Whickham with a long lease were valued around £174,200. The mid-range ground rent payable was £55 billed yearly. The lease elapsed on 22 June 2077. Considering the 51 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus costs.

Whickham case:

In 2014 we were contacted by Mr and Mrs. F Mercier who, having moved into a ground floor apartment in Whickham in April 2004. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparative homes in Whickham with an extended lease were in the region of £285,000. The average ground rent payable was £45 invoiced annually. The lease came to a finish on 21 April 2097. Taking into account 71 years left we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including professional charges.