Main reasons to commence your Swaffham lease extension

Why you should start your Swaffham lease extension today:

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

As the length of the unexpired term of a Swaffham domestic lease diminished so does its value and therefore the value of your property. Where the lease has, in excess of 99 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. The majority of flat owners in Swaffham will qualify for this right; that being said a conveyancing solicitor should be able to advise if 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 generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to loan monies with a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone wishing to acquire your property in the future might well do, so if they are not able to get a mortgage, then the market price of the property will likely be adversely impacted. In the last decade the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Swaffham?

Lease extensions in Swaffham can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge 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 Example Cases:

Ben, Swaffham, Norfolk,

Ben was the the leasehold owner of a conversion apartment in Swaffham being marketed with a lease of just over fifty eight years outstanding. Ben informally approached his freeholder being a well known London-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 yearly. Ordinarily, ground rent would not be due on a lease extension were Ben to invoke his statutory right. Ben procured expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Swaffham case:

In 2011 we were phoned by Mr and Mrs. D Roberts who, having completed a basement apartment in Swaffham in July 1999. The dilemma was if we could approximate the premium would likely be to extend the lease by ninety years. Identical homes in Swaffham with an extended lease were in the region of £227,800. The average ground rent payable was £45 invoiced per annum. The lease finished on 1 October 2091. Having 65 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £13,300 and £15,400 plus professional charges.

Swaffham case:

In 2010 we were phoned by Dr Amy Hall who, having acquired a studio flat in Swaffham in November 2002. We are asked if we could estimate the price could be to prolong the lease by ninety years. Similar properties in Swaffham with 100 year plus lease were valued around £270,000. The average ground rent payable was £55 invoiced quarterly. The lease expired in 2101. Having 75 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.