Top reasons for Dersingham lease extension

Main reasons to commence your Dersingham lease extension today:

Increase your lease and increase your Dersingham property value

The closer a residential lease in Dersingham gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, in excess of 100 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Many flat owners in Dersingham will meet the qualifying criteria; however a lawyer can advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 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 residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get jittery at around 75 years. This will be problematic when you wish to dispose of or remortgage your flat as it will be effectively unmortgageable. You may have no immediate desire to sell but when you do your purchaser will have to hold off for two years before being able to exercise the right to a a lease extension.

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

Lease extensions in Dersingham can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in this area.

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 dealing with Dersingham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Dersingham Lease Extension Example Cases:

Laura, Dersingham, Norfolk,

Trailing protracted negotiations with the freeholder of her one bedroom apartment in Dersingham, Laura initiated the lease extension process as the 80 year mark was fast nearing. The lease extension completed in March 2010. The freeholder’s costs were kept to an absolute minimum.

Dersingham case:

Last Christmas we were contacted by Dr S Allen , who purchased a ground floor flat in Dersingham in January 2000. We are asked if we could estimate the price would be for a ninety year extension to my lease. Comparative residencies in Dersingham with 100 year plus lease were in the region of £270,000. The average amount of ground rent was £55 collected every twelve months. The lease came to a finish on 25 May 2100. Considering the 74 years remaining we calculated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.

Dersingham case:

In 2014 we were approached by Ms Aimee Lefebvre who, having was assigned a lease of a ground floor flat in Dersingham in October 2002. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Identical flats in Dersingham with 100 year plus lease were valued around £166,400. The average ground rent payable was £60 collected yearly. The lease terminated on 5 June 2080. Taking into account 54 years outstanding we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 plus expenses.