Unfortunately that a Norfolk Broads residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Norfolk Broads property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher amount will be due. Most flat owners in Norfolk Broads will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
Leasehold premises in Norfolk Broads with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Barnsley Building Society | |
| Leeds Building Society | |
| Royal Bank of Scotland |
Using our service will provide you increased control over the value of your Norfolk Broads leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Alexander owned a 2 bedroom apartment in Norfolk Broads on the market with a lease of just over fifty eight years remaining. Alexander informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Alexander to exercise his statutory right. Alexander obtained expert advice and secured an acceptable deal informally and readily saleable.
Last February we were e-mailed by Mr and Mrs. K Thomas , who took over the lease of a first floor apartment in Norfolk Broads in July 2006. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical properties in Norfolk Broads with an extended lease were worth £216,000. The average amount of ground rent was £60 collected annually. The lease terminated on 19 June 2084. Given that there were 58 years unexpired we calculated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of professional charges.
In 2014 we were phoned by Mrs Aimee Hernández who, having moved into a ground floor flat in Norfolk Broads in November 2001. We are asked if we could approximate the price would likely be to extend the lease by an additional years. Identical properties in Norfolk Broads with 100 year plus lease were in the region of £200,000. The average amount of ground rent was £50 billed yearly. The lease ended in 2104. Given that there were 78 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.