Why you should commence your Hale Barns lease extension

Main reasons to start your Hale Barns lease extension today:

Increase your lease and increase your Hale Barns property value

Unfortunately that a Hale Barns residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Hale Barns property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining drops below eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most flat owners in Hale Barns will be able to extend under the legislation; however a lawyer should be able to confirm if you qualify for an extension. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

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

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This may cause difficulties as and when you come to sell or refinance your flat as it will be effectively unmortgageable. Even though you may have no imminent plan to sell but when you do your buyer must hold off for a couple of years before they can exercise the right to a an extension to the lease.

Get in touch with one of our Hale Barns lease extension solicitors or enfranchisement solicitors

Engaging our service will provide you enhanced control over the value of your Hale Barns leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hale Barns Lease Extension Case Summaries:

Isabella, Hale Barns, Cheshire,

Off the back of lengthy negotiations with the freeholder of her studio apartment in Hale Barns, Isabella commenced the lease extension process as the eighty year mark was swiftly advancing. The lease extension completed in March 2007. The freeholder’s fees were kept to an absolute minimum.

Hale Barns case:

In 2011 we were phoned by Mr and Mrs. R Laurent who, having took over the lease of a ground floor flat in Hale Barns in January 2003. We are asked if we could approximate the premium could be to extend the lease by an additional years. Similar premises in Hale Barns with a long lease were worth £280,000. The average amount of ground rent was £55 invoiced monthly. The lease concluded in 2104. Taking into account 78 years remaining we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 plus expenses.

Hale Barns case:

Last September we were approach by Ms Yasmin Fournier , who acquired a first floor flat in Hale Barns in April 1996. The question was if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Comparative premises in Hale Barns with an extended lease were valued around £191,000. The mid-range amount of ground rent was £65 invoiced per annum. The lease terminated in 2084. Considering the 58 years outstanding we estimated the premium to the freeholder to extend the lease to be within £23,800 and £27,400 exclusive of professional charges.