Why you should commence your East Harling lease extension

Top reasons for lease extension now:

Increase your lease and increase your East Harling property value

Unfortunately that a East Harling residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the East Harling property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. If the number of years remaining drops below eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in East Harling will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

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

It is generally considered that a residential leasehold with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders may not grant a mortgage on a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will no doubt encounter difficulties to obtain a mortgage and this will result in your East Harling property being difficult to sell or remortgage.

What makes us experts in East Harling lease extensions?

Retaining our service gives you increased control over the value of your East Harling leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

East Harling Lease Extension Example Cases:

Adam, East Harling, Norfolk

In recent months Adam, came seriously near to the 80-year mark with the lease on his one bedroom flat in East Harling. Having purchased his flat two decades ago, the lease term was of no significance. Thankfully, he noticed he needed to take action soon on Extending the lease. Adam arranged for a lease extension just under the wire last September. Adam and the landlord who owned the flat above ultimately settled on the final figure of £5,000 . If the lease had gone below 80 years, the figure would have gone up by at least £1,000.

East Harling case:

Ms Niamh Díaz owned a garden flat in East Harling in February 2002. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Identical homes in East Harling with 100 year plus lease were valued around £255,000. The average ground rent payable was £50 billed yearly. The lease concluded in 2096. Having 70 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.

East Harling case:

In 2011 we were called by Dr J Parker who, having completed a ground floor apartment in East Harling in April 2001. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative residencies in East Harling with 100 year plus lease were in the region of £246,800. The average amount of ground rent was £60 collected annually. The lease ended in 2076. Given that there were 50 years left we approximated the premium to the freeholder to extend the lease to be within £44,700 and £51,600 plus professional charges.