Norfolk Broads Lease Extension - Free Consultation

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Before you progress with your lease extension in Norfolk Broads
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Main reasons to start your Norfolk Broads lease extension

Main reasons to start your Norfolk Broads lease extension today:

Increase your lease and increase your Norfolk Broads property value

Chances are that where you own a flat in Norfolk Broads you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders will not lend with a short lease

Lending institutions have set criteria when loaning funds secured on leasehold property. Many will simply refrain from lending at all once the residual lease term falls lower than a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Norfolk Broads home.

Lender Requirement
Accord Mortgages 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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Norfolk Broads?

Engaging our service will provide you better control over the value of your Norfolk Broads leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Norfolk Broads Lease Extension Example Cases:

Stephanie, Norfolk Broads, Norfolk,

Subsequent to lengthy correspondence with the landlord of her two bedroom flat in Norfolk Broads, Stephanie initiated the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was concluded in February 2009. The freeholder’s fees were negotiated to a tad over five hundred pounds.

Norfolk Broads case:

Mr and Mrs. H Laurent owned a garden flat in Norfolk Broads in May 2005. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Identical properties in Norfolk Broads with a long lease were in the region of £225,800. The average amount of ground rent was £60 invoiced yearly. The lease expired in 2086. Having 60 years as a residual term we estimated the premium to the landlord to extend the lease to be within £23,800 and £27,400 not including costs.

Norfolk Broads case:

Dr William Rose bought a one bedroom flat in Norfolk Broads in May 2011. The question was if we could estimate the premium could be for a 90 year lease extension. Comparable premises in Norfolk Broads with 100 year plus lease were valued about £210,000. The average ground rent payable was £50 billed per annum. The lease ended on 2 November 2106. Considering the 80 years as a residual term we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of expenses.