Why you should commence your Hale Barns lease extension

Main reasons to commence your Hale Barns lease extension today:

A Hale Barns lease depreciates with the years remaining on the lease.

Hale Barns residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

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

Leasehold premises in Hale Barns with over 100 years outstanding on the lease are sometimes 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 upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

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

Banks and building societies do not like short residential leases. You most probably encounter problems where you need to sell your flat in Hale Barns if the unexpired lease term is under the criteria set by the majority of mortgage companies. Different lenders have varying criteria but generally they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Hale Barns?

Lease extensions in Hale Barns can be a difficult process. We recommend you secure professional help from a lawyer 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 a wealth of experience dealing with Hale Barns lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hale Barns Lease Extension Example Cases:

Poppy, Hale Barns, Cheshire,

Trailing protracted correspondence with the landlord of her studio apartment in Hale Barns, Poppy started the lease extension process just as the lease was nearing the crucial 80-year deadline. The legal work was concluded in September 2007. The freeholder’s costs were restricted to a tad over 450 pounds.

Hale Barns case:

In 2011 we were called by Mr Nathaniel Nguyen who, having completed a studio flat in Hale Barns in January 1999. We are asked if we could shed any light on how much (approximately) price would be for a ninety year lease extension. Comparative properties in Hale Barns with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 invoiced per annum. The lease expired in 2077. Considering the 51 years unexpired we estimated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 not including professional charges.

Hale Barns case:

Last Christmas we were approach by Mr and Mrs. W López , who moved into a ground floor apartment in Hale Barns in April 2001. We are asked if we could approximate the premium could be for a 90 year lease extension. Identical residencies in Hale Barns with 100 year plus lease were worth £210,600. The average amount of ground rent was £45 collected yearly. The lease ran out in 2088. Having 62 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 not including costs.