Main reasons to start your Newton Ferrers lease extension
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<h3> Top reasons for lease extension now:
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<h4> A <a href="http://www.lendermonitor.com/conveyancing/loc/newton-ferrers">Newton Ferrers</a> lease depreciates with the years remaining on the lease.
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<p> On the balance of probabilities where you own a flat in Newton Ferrers you actually own a long leasehold interest over your property
<h4>An extended lease has roughly the same value as a freehold</h4>
<p> It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.
<h4>Lending institutions will not finance a property with a short lease</h4> Banks and Building Societies are less likely to issue a mortgage on a domestic property in Newton Ferrers with a short lease. Many lenders simply refuse a mortgage on leases with below 75 years remaining.
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<th> Requirement
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<td>Bank of Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Birmingham Midshires</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Leeds Building Society</td>
<td> 85 years remaining from the start of the mortgage.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>National Westminster Bank</td>
<td> Mortgage term plus 30 years.<br /><br />For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.
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<h4> Get in touch with one of our Newton Ferrers lease extension solicitors or enfranchisement solicitors
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<p> Using our service will provide you better control over the value of your Newton Ferrers leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell.
The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions. <h4>
Newton Ferrers Lease Extension Example Cases:
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<h5> Lewis, Newton Ferrers, Devon,</h5>
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Lewis owned a studio flat in Newton Ferrers on the market with a lease of a few days over fifty eight years outstanding. Lewis informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Lewis to invoke his statutory right. Lewis procured expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the property.
<h5>Newton Ferrers case:</h5>
<p> Dr F Bennett bought a newly refurbished apartment in Newton Ferrers in August 2006. The dilemma was if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar flats in Newton Ferrers with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced every twelve months. The lease ran out on 27 April 2105. Having 79 years outstanding we calculated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 plus fees.
<h5>Newton Ferrers case:</h5>
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In 2014 we were called by Mr and Mrs. A Howard who, having acquired a garden flat in Newton Ferrers in August 1996. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparative premises in Newton Ferrers with a long lease were worth £193,400. The mid-range ground rent payable was £65 collected yearly. The lease terminated in 2085. Considering the 59 years as a residual term we estimated the premium to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of legals.
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