Why you should commence your Dereham lease extension

Main reasons to commence your Dereham lease extension today:

Increase your lease and increase your Dereham property value

Dereham leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Dereham residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Dereham you should check if your lease has between 70 and 90 years remaining. There are good reasons why a Dereham flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is effected without delay

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 35 years remaining, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not grant a mortgage on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't need a mortgage, you should bear in mind that it is likely that someone wishing to purchase your property in the future might well do, so if they are unable to secure a mortgage, then the value of your property could suffer. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Dereham lease extensions?

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

Dereham Lease Extension Example Cases:

Hunter, Dereham, Norfolk,

Hunter was the the leasehold owner of a 2 bedroom apartment in Dereham on the market with a lease of fraction over sixty years remaining. Hunter informally contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be due on a lease extension were Hunter to exercise his statutory right. Hunter procured expert advice and secured satisfactory resolution informally and readily saleable.

Dereham case:

In 2013 we were called by Ms T Edwards who, having completed a one bedroom apartment in Dereham in January 1996. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparable residencies in Dereham with a long lease were worth £246,800. The average amount of ground rent was £60 invoiced yearly. The lease finished on 26 April 2076. Given that there were 50 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £44,700 and £51,600 plus costs.

Dereham case:

Mr Finley Nguyen purchased a recently refurbished apartment in Dereham in February 2002. The dilemma was if we could estimate the premium could be to extend the lease by a further 90 years. Comparative residencies in Dereham with 100 year plus lease were worth £208,200. The average ground rent payable was £65 collected annually. The lease terminated in 2087. Having 61 years remaining we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 exclusive of costs.