Why you should start your Debenham lease extension

Top reasons for lease extension now:

A Debenham lease depreciates with the years remaining on the lease.

The rule of thumb is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Debenham can extend the lease for an additional ninety years in accordance with legislation. Please think carefully before delaying your Debenham lease extension. Postponing the costs now simply increases the amount you will eventually have to pay to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not loan monies with a short lease

Mortgage companies are tightening their criteria and many now require flats to have at least 60 if not 70 years remaining at the end of the mortgage. Considering plenty of flats in Debenham were built in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

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

Retaining our service will provide you increased control over the value of your Debenham leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Debenham Lease Extension Case Summaries:

Amy, Debenham, Suffolk,

Following unsuccessful correspondence with the freeholder of her purpose-built apartment in Debenham, Amy commenced the lease extension process as the 80 year mark was swiftly coming. The transaction completed in February 2008. The landlord’s charges were negotiated to less than 700 GBP.

Debenham case:

Last Winter we were e-mailed by Dr Zachary Khan , who owned a ground floor apartment in Debenham in May 1997. The question was if we could approximate the price could be to extend the lease by an additional years. Comparable premises in Debenham with an extended lease were worth £233,200. The average amount of ground rent was £60 collected yearly. The lease finished on 7 March 2087. Given that there were 61 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £22,800 and £26,400 not including legals.

Debenham case:

Last Summer we were phoned by Ms D Michel , who owned a one bedroom flat in Debenham in January 2006. We are asked if we could approximate the compensation to the landlord could be for a ninety year extension to my lease. Comparative premises in Debenham with 100 year plus lease were in the region of £166,800. The mid-range ground rent payable was £50 invoiced annually. The lease concluded in 2076. Having 50 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of expenses.