Why you should start your Sprowston lease extension

Main reasons to start your Sprowston lease extension today:

A Sprowston lease depreciates with the years remaining on the lease.

For anyone whose Sprowston property is held on a long lease, the message is clear – if nothing is done, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to extend the lease.

Sprowston property with a lease extension has roughly the same value as a freehold

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

Banks and Building Societies may decide not to grant a mortgage with a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly under 75 years as they are considered to be inadequate for lending purposes.

Why use us for your lease extension in Sprowston?

Engaging our service gives you better control over the value of your Sprowston leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Sprowston Lease Extension Case Summaries:

Chelsea, Sprowston, Norfolk,

Following unsuccessful correspondence with the freeholder of her first floor flat in Sprowston, Chelsea started the lease extension process just as the lease was approaching the crucial eighty-year mark. The legal work was finalised in October 2005. The landlord’s charges were kept to an absolute minimum.

Sprowston case:

Dr Blake Garcia was assigned a lease of a one bedroom apartment in Sprowston in May 2005. The dilemma was if we could approximate the price could be for a ninety year extension to my lease. Comparable properties in Sprowston with a long lease were valued around £275,000. The mid-range amount of ground rent was £45 billed annually. The lease elapsed in 2095. Considering the 69 years as a residual term we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.

Sprowston case:

Last Winter we were e-mailed by Mr T Campbell , who owned a first floor apartment in Sprowston in April 2000. We are asked if we could shed any light on how much (approximately) price could be for a ninety year lease extension. Comparable homes in Sprowston with a long lease were in the region of £216,000. The average ground rent payable was £60 invoiced quarterly. The lease concluded on 20 August 2084. Given that there were 58 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £28,500 and £33,000 exclusive of expenses.