Main reasons to start your Taverham lease extension

Top reasons for lease extension now:

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

Taverham leases on residential properties are gradually losing value. Where your lease has approximately ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Taverham will mostly be legally entitled to a lease extension; however a solicitor should be able confirm your eligibility. In some cases you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Taverham with more than one hundred years outstanding on the lease are often regarded as a ‘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 service charges warrant it.

Lenders may decide not to grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may cause difficulties as and when you need to dispose of or refinance your property as it will be practically unmortgageable. You might have no imminent intention to sell but when you do your purchaser must wait a couple of years before they can initiate the legal procedures for a lease extension.

Why use us for your lease extension in Taverham?

Irrespective of whether you are a tenant or a freeholder in Taverham,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Taverham valuers.

Taverham Lease Extension Case Studies:

Leah, Taverham, Norfolk,

In the wake of eight months of lengthy correspondence with the landlord of her studio flat in Taverham, Leah initiated the lease extension process just as her lease was approaching the crucial 80-year threshold. The legal work completed in October 2011. The freeholder’s charges were restricted to about 550 GBP.

Taverham case:

Mr and Mrs. A Cox was assigned a lease of a one bedroom flat in Taverham in September 2008. We are asked if we could approximate the premium would likely be for a ninety year extension to my lease. Identical homes in Taverham with 100 year plus lease were in the region of £200,800. The mid-range ground rent payable was £65 billed monthly. The lease ran out on 25 November 2086. Considering the 60 years outstanding we estimated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 not including expenses.

Taverham case:

Mrs Laura Roux acquired a purpose-built flat in Taverham in February 1997. We are asked if we could shed any light on how much (roughly) price would be for a ninety year lease extension. Comparable premises in Taverham with 100 year plus lease were valued about £255,000. The average amount of ground rent was £50 invoiced every twelve months. The lease lapsed on 2 October 2097. Considering the 71 years unexpired we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of legals.