Top reasons for Hellesdon lease extension

Why you should start your Hellesdon lease extension today:

A Hellesdon lease depreciates with the years remaining on the lease.

The value of Hellesdon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is below than eighty years

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage on a short lease

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

Regardless of whether you are a tenant or a landlord in Hellesdon,the lease extension solicitors 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 Hellesdon valuers.

Hellesdon Lease Extension Example Cases:

Lucy, Hellesdon, Norfolk,

Off the back of lengthy negotiations with the landlord of her ground floor apartment in Hellesdon, Lucy commenced the lease extension process as the eighty year deadline was rapidly advancing. The legal work was concluded in June 2009. The freeholder’s fees were kept to an absolute minimum.

Hellesdon case:

Mr and Mrs. D Sharif moved into a studio apartment in Hellesdon in June 2009. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by ninety years. Similar flats in Hellesdon with an extended lease were valued about £186,000. The average amount of ground rent was £65 invoiced annually. The lease elapsed on 5 June 2084. Taking into account 58 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £24,700 and £28,600 not including professional charges.

Hellesdon case:

Mr and Mrs. O Lefebvre acquired a studio flat in Hellesdon in May 2003. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Comparable flats in Hellesdon with 100 year plus lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected annually. The lease concluded in 2095. Having 69 years left we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.