Main reasons to commence your Cringleford lease extension

Top reasons for lease extension now:

A Cringleford leasehold property depreciates with the years remaining on the lease.

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Cringleford can extend the lease for an additional ninety years in accordance with legislation. Please give careful consideration before delaying your Cringleford lease extension. Postponing that expense now simply increases the premium you will ultimately have to pay for a lease extension.

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

Leasehold properties in Cringleford with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to lend with a short lease

Most mortgage companies will be unwilling to lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult to obtain a mortgage and this will result in your Cringleford property becoming difficult to dispose of or refinance.

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

Irrespective of whether you are a tenant or a freeholder in Cringleford,the lease extension lawyers 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 Cringleford valuers.

Cringleford Lease Extension Case Summaries:

Kyle, Cringleford, Norfolk,

Kyle was the the leasehold proprietor of a conversion flat in Cringleford on the market with a lease of just over 59 years left. Kyle informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. Ordinarily, ground rent would not be payable on a lease extension were Kyle to exercise his statutory right. Kyle procured expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Cringleford case:

In 2011 we were contacted by Mr Joshua Ramírez who, having bought a first floor apartment in Cringleford in October 2001. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparable premises in Cringleford with 100 year plus lease were valued about £295,000. The average amount of ground rent was £50 invoiced per annum. The lease terminated in 2101. Taking into account 75 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 plus legals.

Cringleford case:

In 2011 we were e-mailed by Mr and Mrs. L White who, having took over the lease of a basement apartment in Cringleford in November 2010. We are asked if we could approximate the price could be for a 90 year lease extension. Comparable premises in Cringleford with 100 year plus lease were worth £250,400. The average amount of ground rent was £65 invoiced quarterly. The lease came to a finish on 28 November 2090. Considering the 64 years unexpired we approximated the premium to the landlord to extend the lease to be between £19,000 and £22,000 plus expenses.