Cromer leases on residential properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to take place before the term of the existing lease drops below eighty years - otherwise a higher premium will be payable. Leasehold owners in Cromer will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some cases you may not qualify. There are also strict timetables and formalities to comply with once the process has started so it’s prudent to be guided by a lawyer during the process.
It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Chelsea Building Society | |
| Godiva Mortgages | |
| Santander | |
| The Mortgage Works |
Lease extensions in Cromer can be a difficult process. We recommend you secure professional help 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 Cromer lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of lengthy negotiations with the freeholder of her leasehold flat in Cromer, Ella started the lease extension process as the 80 year deadline was swiftly nearing. The lease extension was concluded in March 2015. The landlord’s charges were restricted to less than 450 GBP.
Last Winter we were contacted by Mr and Mrs. G Gómez , who acquired a ground floor apartment in Cromer in July 2004. We are asked if we could estimate the price would be to extend the lease by an additional years. Comparable flats in Cromer with an extended lease were worth £264,000. The mid-range amount of ground rent was £60 collected quarterly. The lease came to a finish on 28 July 2079. Given that there were 53 years outstanding we approximated the premium to the landlord for the lease extension to be between £37,100 and £42,800 plus professional charges.
Ms Abbie King owned a garden flat in Cromer in May 2011. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparable flats in Cromer with 100 year plus lease were valued around £220,400. The average amount of ground rent was £45 billed monthly. The lease lapsed in 2090. Considering the 64 years outstanding we estimated the premium to the freeholder to extend the lease to be between £16,200 and £18,600 plus legals.