Top reasons for Long Stratton lease extension

Why you should start your Long Stratton lease extension today:

A Long Stratton leasehold property depreciates with the years remaining on the lease.

The value of Long Stratton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate materialy once the remaining term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold premises in Long Stratton with in excess of 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

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

Many mortgage companies will not grant a mortgage on a lease with under 70 years remaining - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Long Stratton property being difficult to dispose of or to obtain finance on.

What makes us experts in Long Stratton lease extensions?

Irrespective of whether you are a tenant or a landlord in Long Stratton,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Long Stratton valuers.

Long Stratton Lease Extension Case Summaries:

Luca, Long Stratton, Norfolk

Half a year ago Luca, started to get close to the eighty-year mark with the lease on his first floor flat in Long Stratton. Having purchased his flat two decades ago, the unexpired term was of minimal bearing. Fortunately, it dawned on him that he would imminently be paying way over the odds for a lease extension. Luca was able to extend his lease just under the wire in September. Luca and the freeholder via the management company subsequently agreed on sum of £5,500 . If the lease had descended below eighty years, the premium would have escalated by a minimum £1,150.

Long Stratton case:

Last Christmas we were phoned by Dr A López , who moved into a one bedroom flat in Long Stratton in April 2009. We are asked if we could approximate the premium could be to extend the lease by an additional years. Identical homes in Long Stratton with a long lease were valued about £267,600. The mid-range amount of ground rent was £65 billed yearly. The lease concluded in 2093. Given that there were 67 years as a residual term we estimated the premium to the landlord for the lease extension to be within £14,300 and £16,400 exclusive of expenses.

Long Stratton case:

Last Spring we were e-mailed by Dr Harrison Bonnet , who owned a purpose-built flat in Long Stratton in August 2003. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative homes in Long Stratton with a long lease were valued about £201,200. The average amount of ground rent was £55 billed every twelve months. The lease ran out in 2082. Taking into account 56 years as a residual term we estimated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including expenses.