Main reasons to start your Heacham lease extension

Why you should commence your Heacham lease extension today:

A Heacham leasehold property depreciates with the years remaining on the lease.

For anyone whose Heacham property is held on a long lease, our message is clear – if you do nothing, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension.

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

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to finance a property with a short lease

The trend since over the last decade has been for lenders to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by mortgage companies has increased. In the past lenders were content with 25 years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Heacham?

Using our service gives you increased control over the value of your Heacham leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Heacham Lease Extension Case Summaries:

Stanley, Heacham, Norfolk

18 months ago Stanley, started to get near to the 80-year mark with the lease on his basement flat in Heacham. Having bought his flat two decades ago, the length of the lease was of minimal relevance. As luck would have it, he realised he needed to take steps soon on a lease extension. Stanley arranged for a lease extension just under the wire in September. Stanley and the freeholder ultimately settled on the final figure of £6,000 . If he not met the deadline, the amount would have become more exhorbitant by a minimum £975.

Heacham case:

Last June we were e-mailed by Mr and Mrs. M Rose , who purchased a one bedroom flat in Heacham in February 1998. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparable homes in Heacham with 100 year plus lease were valued around £285,000. The mid-range amount of ground rent was £45 invoiced per annum. The lease concluded in 2098. Taking into account 72 years remaining we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.

Heacham case:

Last Spring we were called by Mr and Mrs. T Hill , who bought a basement apartment in Heacham in May 2007. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Heacham with an extended lease were worth £233,200. The mid-range amount of ground rent was £60 invoiced per annum. The lease ran out in 2087. Considering the 61 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £22,800 and £26,400 plus fees.