Top reasons for Swaffham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Swaffham property value

The market value of Swaffham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate significantly once the unexpired lease term is below than eighty years

Swaffham property with a lease extension is almost the same value as a freehold

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

Banks and Building Societies will not grant a mortgage with a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should bear in mind that it is probable that someone wanting to purchase your property in the future might well do, so in the event that they are unable to secure a mortgage, then the market price of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Swaffham?

Lease extensions in Swaffham can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Swaffham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Swaffham Lease Extension Case Summaries:

Dexter, Swaffham, Norfolk

During the course of the last few months Dexter, started to get close to the 80-year threshold with the lease on his first floor flat in Swaffham. Having purchased his flat two decades ago, the length of the lease was of little relevance. by good luck, he noticed he would imminently be paying an inflated amount for Extending the lease. Dexter extended the lease just under the wire last September. Dexter and the landlord subsequently settled on sum of £5,500 . If he failed to meet the deadline, the amount would have increased by a minimum £925.

Swaffham case:

In 2014 we were called by Dr K Morgan who, having moved into a one bedroom apartment in Swaffham in September 1999. We are asked if we could shed any light on how much (roughly) price would be for a ninety year extension to my lease. Comparable properties in Swaffham with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease termination date was on 11 May 2103. Taking into account 77 years remaining we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including legals.

Swaffham case:

In 2009 we were called by Mr and Mrs. Y Lefèvre who, having bought a recently refurbished flat in Swaffham in August 2000. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar premises in Swaffham with 100 year plus lease were in the region of £183,600. The mid-range ground rent payable was £65 billed per annum. The lease concluded on 18 October 2083. Having 57 years unexpired we estimated the premium to the landlord to extend the lease to be between £28,500 and £33,000 not including fees.