Main reasons to start your Costessey lease extension

Why you should commence your Costessey lease extension today:

Increase your lease and increase your Costessey property value

Chances are that where you own a flat in Costessey you actually own a long leasehold interest over your property

Costessey property with a lease extension has roughly the same value as a freehold

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

Banks and Building Societies will not issue a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in Costessey if the remaining lease term is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

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

Lease extensions in Costessey can be a difficult process. We recommend you get guidance from a conveyancing solicitor 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 procuring Costessey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Costessey Lease Extension Case Summaries:

Liam, Costessey, Norfolk,

Liam owned a conversion flat in Costessey on the market with a lease of a few days over 59 years unexpired. Liam informally spoke with his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £50 per annum. No ground rent would be due on a lease extension were Liam to exercise his statutory right. Liam obtained expert advice and was able to make an informed judgement and handle with the matter and sell the property.

Costessey case:

Last month we were phoned by Mr and Mrs. G Davies , who took over the lease of a one bedroom apartment in Costessey in July 2006. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Comparative properties in Costessey with 100 year plus lease were valued around £260,000. The mid-range amount of ground rent was £50 invoiced every twelve months. The lease lapsed on 12 May 2098. Taking into account 72 years remaining we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Costessey case:

In 2013 we were e-mailed by Mrs Emily Taylor who, having completed a recently refurbished apartment in Costessey in October 2011. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by an additional years. Comparable premises in Costessey with an extended lease were in the region of £261,600. The average ground rent payable was £60 collected per annum. The lease lapsed in 2078. Having 52 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £39,000 and £45,000 exclusive of expenses.