Top reasons for Yarm On Tees lease extension

Why you should commence your Yarm On Tees lease extension today:

Increase your lease and increase your Yarm On Tees property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Yarm On Tees can extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Yarm On Tees lease extension. Shelving the costs now simply escalates the amount you will ultimately have to pay to extend the lease.

Yarm On Tees property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not finance a property on a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be inadequate for lending purposes.

Why use us for your lease extension in Yarm On Tees?

Regardless of whether you are a tenant or a landlord in Yarm On Tees,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Yarm On Tees valuers.

Yarm On Tees Lease Extension Example Cases:

Harvey, Yarm On Tees, County Durham

Half a year ago Harvey, started to get near to the 80-year threshold with the lease on his ground floor flat in Yarm On Tees. In buying his flat twenty years ago, the length of the lease was of minimal importance. Luckily, he noticed he would imminently be paying an escalated premium for a lease extension. Harvey was able to extend his lease just under the wire in May. Harvey and the freeholder via the managing agents in the end settled on an amount of £6,000 . If the lease had descended to less than 80 years, the premium would have escalated by a minimum £950.

Yarm On Tees case:

In 2010 we were called by Mr and Mrs. N Pérez who, having bought a purpose-built apartment in Yarm On Tees in February 2004. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative residencies in Yarm On Tees with 100 year plus lease were valued about £216,000. The average amount of ground rent was £60 invoiced yearly. The lease came to a finish in 2084. Given that there were 58 years left we calculated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of costs.

Yarm On Tees case:

In 2012 we were contacted by Mr Samuel Stewart who, having moved into a purpose-built flat in Yarm On Tees in May 2006. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar premises in Yarm On Tees with an extended lease were valued around £205,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease ran out on 18 January 2104. Having 78 years remaining we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus expenses.