Main reasons to commence your Whitley Bay lease extension

Main reasons to commence your Whitley Bay lease extension today:

Increase your lease and increase your Whitley Bay property value

On the balance of probabilities where you own a flat in Whitley Bay you actually own a long leasehold interest over your property

Whitley Bay property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are deemed to be unacceptable for lending purposes.

Get in touch with one of our Whitley Bay lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with procure Whitley Bay 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 conveyancer we work with provide it.

Whitley Bay Lease Extension Case Summaries:

Rachael, Whitley Bay, Tyne And Wear,

Trailing lengthy negotiations with the landlord of her ground floor flat in Whitley Bay, Rachael started the lease extension process just as her lease was approaching the all-important 80-year deadline. The legal work was finalised in October 2006. The landlord’s charges were kept to an absolute minimum.

Whitley Bay case:

Last month we were contacted by Dr N Lefebvre , who bought a studio flat in Whitley Bay in January 2003. The dilemma was if we could approximate the premium could be to extend the lease by a further 90 years. Identical homes in Whitley Bay with a long lease were valued around £181,600. The mid-range amount of ground rent was £55 collected every twelve months. The lease ran out in 2078. Considering the 52 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £30,400 and £35,200 not including professional charges.

Whitley Bay case:

Last Christmas we were contacted by Mr Michael Walker , who acquired a first floor flat in Whitley Bay in November 1997. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparable residencies in Whitley Bay with an extended lease were worth £285,000. The mid-range amount of ground rent was £45 billed monthly. The lease ended on 4 August 2098. Having 72 years outstanding we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including costs.