Main reasons to commence your Great Yarmouth lease extension

Main reasons to commence your Great Yarmouth lease extension today:

A Great Yarmouth leasehold property depreciates with the years remaining on the lease.

Great Yarmouth leases on domestic deteriorating in value. if your lease has in the region of ninety years remaining, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in Great Yarmouth will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain situations you may not qualify. There are prescribed timetables and procedures to follow once the process has started so it’s prudent to be guided by a lawyer during the process.

Great Yarmouth property with a lease extension has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lenders will not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Great Yarmouth with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of potential buyers.

What makes us experts in Great Yarmouth lease extensions?

Irrespective of whether you are a tenant or a landlord in Great Yarmouth,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Great Yarmouth valuers.

Great Yarmouth Lease Extension Example Cases:

Rachael, Great Yarmouth, Norfolk,

After protracted correspondence with the freeholder of her purpose-built apartment in Great Yarmouth, Rachael initiated the lease extension process as the 80 year mark was rapidly advancing. The transaction completed in September 2011. The landlord’s fees were kept to an absolute minimum.

Great Yarmouth case:

In 2011 we were e-mailed by Mr and Mrs. M David who, having owned a first floor flat in Great Yarmouth in July 1995. The dilemma was if we could approximate the premium would likely be for a ninety year extension to my lease. Similar premises in Great Yarmouth with 100 year plus lease were valued about £176,200. The average amount of ground rent was £65 billed yearly. The lease terminated on 26 June 2082. Considering the 56 years outstanding we estimated the premium to the freeholder to extend the lease to be between £29,500 and £34,000 exclusive of expenses.

Great Yarmouth case:

Last month we were phoned by Mr B Thompson , who bought a one bedroom apartment in Great Yarmouth in November 2012. We are asked if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Comparable properties in Great Yarmouth with an extended lease were worth £242,600. The average ground rent payable was £45 collected quarterly. The lease ended in 2093. Given that there were 67 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £11,400 and £13,200 not including expenses.