Top reasons for Norton Woodseats lease extension

Main reasons to start your Norton Woodseats lease extension today:

A Norton Woodseats lease depreciates with the years remaining on the lease.

For anyone whose Norton Woodseats home is held on a long lease, the message is clear – if nothing is done, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to lend on a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold homes. Some will simply refrain from lending at all once the remaining lease term falls below a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant where you are intending to remortgage your Norton Woodseats home.

Why use us for your lease extension in Norton Woodseats?

Retaining our service gives you enhanced control over the value of your Norton Woodseats leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Norton Woodseats Lease Extension Case Studies:

Lily, Norton Woodseats, South Yorkshire,

Trailing protracted negotiations with the landlord of her garden flat in Norton Woodseats, Lily started the lease extension process just as the lease was nearing the crucial eighty-year deadline. The legal work was finalised in January 2012. The freeholder’s costs were restricted to below 600 pounds.

Norton Woodseats case:

In 2011 we were approached by Mr and Mrs. A Bernard who, having acquired a garden apartment in Norton Woodseats in June 2011. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical premises in Norton Woodseats with 100 year plus lease were in the region of £285,000. The average amount of ground rent was £45 billed annually. The lease ended on 11 January 2098. Having 72 years outstanding we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus legals.

Norton Woodseats case:

Last Spring we were phoned by Dr Liam Wright , who completed a recently refurbished flat in Norton Woodseats in January 1997. The question was if we could estimate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Similar homes in Norton Woodseats with 100 year plus lease were in the region of £233,200. The mid-range amount of ground rent was £60 billed every twelve months. The lease came to a finish in 2087. Considering the 61 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £22,800 and £26,400 plus professional charges.