Top reasons for Normanton lease extension

Main reasons to start your Normanton lease extension today:

A Normanton leasehold property depreciates with the years remaining on the lease.

Normanton residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

An extended lease is almost the same value as a freehold

Leasehold residencies in Normanton with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not loan monies on a short lease

Mortgage companies are really clamping down as regards to homes in Normanton with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

Why use us for your lease extension in Normanton?

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

Normanton Lease Extension Case Summaries:

Finley, Normanton, West Yorkshire

During the course of the last few months Finley, came perilously close to the eighty-year threshold with the lease on his first floor apartment in Normanton. Having purchased his flat twenty years ago, the unexpired term was of no bearing. Fortunately, he recognised he needed to take steps soon on Extending the lease. Finley arranged for a lease extension just under the wire last March. Finley and the freeholder in the end agreed on sum of £5,000 . If he failed to meet the deadline, the figure would have gone up by at least £1,050.

Normanton case:

In 2014 we were e-mailed by Mr and Mrs. P Lewis who, having bought a studio apartment in Normanton in April 2006. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Similar premises in Normanton with a long lease were worth £210,600. The average ground rent payable was £45 collected annually. The lease ran out on 11 October 2088. Considering the 62 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £18,100 and £20,800 plus professional charges.

Normanton case:

In 2012 we were called by Mr S Anderson who, having bought a studio flat in Normanton in April 2001. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative properties in Normanton with an extended lease were worth £260,000. The mid-range ground rent payable was £50 billed annually. The lease finished in 2099. Considering the 73 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including professional charges.