Top reasons for Horsford lease extension

Main reasons to commence your Horsford lease extension today:

Increase your lease and increase your Horsford property value

For anyone whose Horsford home is held on a long lease, our message is clear – if nothing is done, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.

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

Many banks and building societies will not grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Horsford property being difficult to dispose of or to obtain finance on.

What makes us experts in Horsford lease extensions?

Lease extensions in Horsford can be a difficult process. We recommend you obtain guidance from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Horsford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Horsford Lease Extension Case Studies:

Alexandra, Horsford, Norfolk,

Trailing unsuccessful correspondence with the freeholder of her basement apartment in Horsford, Alexandra initiated the lease extension process as the eighty year mark was swiftly nearing. The legal work completed in June 2008. The freeholder’s fees were negotiated to slightly above 550 pounds.

Horsford case:

Last Summer we were phoned by Mr Andrew Clarke , who bought a ground floor flat in Horsford in April 1998. The question was if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative homes in Horsford with an extended lease were in the region of £210,000. The mid-range ground rent payable was £50 collected annually. The lease lapsed in 2106. Having 80 years outstanding we estimated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.

Horsford case:

Last Christmas we were e-mailed by Dr F Reed , who moved into a studio apartment in Horsford in April 1996. We are asked if we could estimate the price could be to extend the lease by a further 90 years. Comparable premises in Horsford with 100 year plus lease were in the region of £275,000. The average amount of ground rent was £45 collected monthly. The lease concluded in 2095. Considering the 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of professional charges.