Why you should start your Saxmundham lease extension

Main reasons to start your Saxmundham lease extension today:

Increase your lease and increase your Saxmundham property value

There is no doubt about it a leasehold flat or house in Saxmundham is a wasting asset as a result of the diminishing lease term. Where the residual term has, in excess of one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner than later. Most flat owners in Saxmundham will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not loan monies on a short lease

Nearly all banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is probable that someone wishing to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Saxmundham lease extensions?

Irrespective of whether you are a tenant or a landlord in Saxmundham,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 experience and the close ties they enjoy with Saxmundham valuers.

Saxmundham Lease Extension Example Cases:

Freddie, Saxmundham, Suffolk,

Freddie was the the leasehold proprietor of a 2 bedroom flat in Saxmundham on the market with a lease of fraction over 59 years outstanding. Freddie on an informal basis contacted his landlord a well known London-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Freddie to invoke his statutory right. Freddie obtained expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

Saxmundham case:

Last August we were contacted by Dr Ethan Leroy , who was assigned a lease of a purpose-built flat in Saxmundham in March 2011. We are asked if we could estimate the premium would likely be to prolong the lease by a further 90 years. Comparative premises in Saxmundham with a long lease were worth £215,600. The mid-range ground rent payable was £45 collected per annum. The lease concluded on 1 September 2088. Given that there were 62 years remaining we approximated the compensation to the freeholder to extend the lease to be between £18,100 and £20,800 exclusive of fees.

Saxmundham case:

Last Autumn we were contacted by Mr and Mrs. S Bell , who bought a ground floor apartment in Saxmundham in October 2002. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar homes in Saxmundham with an extended lease were valued around £265,000. The mid-range amount of ground rent was £50 billed annually. The lease ran out in 2099. Given that there were 73 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.