Stop! Your Lease Extension in Hethersett Could Be FREE

Get a Free Case Review
Many leaseholders in Hethersett are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hethersett has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Hethersett lease extension

Why you should start your Hethersett lease extension today:

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

On the balance of probabilities if you own a flat in Hethersett you actually own a long leasehold interest over your property

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

Leasehold residencies in Hethersett with in excess of 100 years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

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

Nearly all banks and building societies will not lend on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Hethersett property becoming difficult to sell or remortgage.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Hethersett?

Using our service gives you enhanced control over the value of your Hethersett 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.

Hethersett Lease Extension Case Studies:

Lucy, Hethersett, Norfolk,

Following protracted correspondence with the landlord of her two bedroom flat in Hethersett, Lucy started the lease extension process just as the lease was approaching the all-important 80-year threshold. The legal work was finalised in June 2015. The freeholder’s costs were negotiated to below 600 pounds.

Hethersett case:

In 2010 we were approached by Mr Henry Brown who, having acquired a recently refurbished apartment in Hethersett in February 2007. The dilemma was if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar premises in Hethersett with a long lease were in the region of £255,000. The average amount of ground rent was £50 billed quarterly. The lease came to a finish on 14 February 2097. Having 71 years outstanding we calculated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 plus legals.

Hethersett case:

Mr E Rodríguez was assigned a lease of a one bedroom flat in Hethersett in July 1996. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar homes in Hethersett with 100 year plus lease were valued about £254,200. The average amount of ground rent was £60 billed quarterly. The lease lapsed in 2077. Taking into account 51 years remaining we estimated the compensation to the landlord for the lease extension to be between £43,700 and £50,600 not including legals.