Why you should start your Hethersett lease extension

Why you should start your Hethersett lease extension today:

Increase your lease and increase your Hethersett property value

Hethersett leases on domestic properties are gradually losing value. if your lease has in the region of 90 years left, you should start considering the need for a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the current lease dips below eighty years - otherwise a higher premium will be payable. Flat owners in Hethersett will mostly be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check if you qualify. In certain situations you may not qualify. There are also strict deadlines and formalities to comply with once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become jittery at around 75 years. This may be problematic as and when you come to dispose of or remortgage your property as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your buyer must wait two years before being able to exercise the right to a an extension to the lease.

What makes us experts in Hethersett lease extensions?

The conveyancers that we work with handle Hethersett lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hethersett Lease Extension Example Cases:

Tommy, Hethersett, Norfolk

In recent months Tommy, came seriously close to the 80-year mark with the lease on his leasehold apartment in Hethersett. Having purchased his home 18 years ago, the length of the lease was of little concern. by good luck, he realised he needed to take steps soon on Extending the lease. Tommy was able to extend his lease just under the wire last August. Tommy and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If the lease had slid lower than 80 years, the price would have become more exhorbitant by at least £875.

Hethersett case:

Mrs Harriet Kelly moved into a purpose-built apartment in Hethersett in April 2011. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Comparative residencies in Hethersett with 100 year plus lease were in the region of £193,400. The average amount of ground rent was £65 collected yearly. The lease lapsed in 2085. Taking into account 59 years remaining we calculated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including fees.

Hethersett case:

Ms Anna Cooper acquired a first floor flat in Hethersett in September 1998. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by ninety years. Similar properties in Hethersett with 100 year plus lease were valued around £255,000. The average ground rent payable was £50 collected yearly. The lease came to a finish on 3 October 2096. Given that there were 70 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £10,500 and £12,000 exclusive of legals.