Top reasons for Caister On Sea lease extension

Top reasons for lease extension now:

Increase your lease and increase your Caister On Sea property value

Caister On Sea residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Caister On Sea with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property on a short lease

Most mortgage lenders have constrained 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 deficient for lending purposes.

What makes us experts in Caister On Sea lease extensions?

Lease extensions in Caister On Sea can be a difficult process. We recommend you obtain guidance from a lawyer and valuer well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Caister On Sea lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Caister On Sea Lease Extension Case Studies:

John, Caister On Sea, Norfolk

Last Spring John, came perilously near to the eighty-year mark with the lease on his two bedroom flat in Caister On Sea. Having purchased his flat twenty years previously, the lease term was of no interest. As luck would have it, he became aware that he would imminently be paying an inflated amount for a lease extension. John extended the lease at the eleventh hour in January. John and the freeholder subsequently agreed on an amount of £5,500 . If the lease had slid below eighty years, the premium would have become more costly by at least £900.

Caister On Sea case:

Last Winter we were contacted by Mrs C Lewis , who acquired a studio apartment in Caister On Sea in July 2008. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Identical properties in Caister On Sea with an extended lease were in the region of £203,200. The average amount of ground rent was £65 collected annually. The lease ended in 2087. Having 61 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 plus fees.

Caister On Sea case:

Last year we were called by Mrs Holly Turner , who moved into a first floor flat in Caister On Sea in July 2000. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Identical homes in Caister On Sea with a long lease were in the region of £260,000. The mid-range ground rent payable was £50 collected annually. The lease lapsed in 2098. Considering the 72 years as a residual term we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.