Top reasons for Newington lease extension

Main reasons to commence your Newington lease extension today:

Increase your lease and increase your Newington property value

Newington leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Newington enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Newington you must check if your lease has between seventy and 90 years remaining. There are good reasons why a Newington flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is actioned without delay

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

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to issue a mortgage with a short lease

The propensity since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. Historically mortgage companies were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

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

Lease extensions in Newington can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.

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 procuring Newington lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Newington Lease Extension Example Cases:

Yasmin, Newington, South East London,

Off the back of protracted negotiations with the freeholder of her leasehold flat in Newington, Yasmin started the lease extension process just as the lease was approaching the crucial eighty-year deadline. The transaction was finalised in March 2015. The freeholder’s costs were kept to an absolute minimum.

Newington case:

Mr and Mrs. E Edwards moved into a garden flat in Newington in February 2007. We are asked if we could approximate the price would be for a 90 year lease extension. Comparable residencies in Newington with a long lease were valued around £208,600. The average amount of ground rent was £60 billed quarterly. The lease finished on 13 July 2083. Taking into account 57 years remaining we approximated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 plus expenses.