Why you should commence your Hessle lease extension

Why you should start your Hessle lease extension today:

A Hessle leasehold property depreciates with the years remaining on the lease.

The value of Hessle leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to grant a mortgage on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically banks were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Hessle?

Retaining our service will provide you increased control over the value of your Hessle leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hessle Lease Extension Example Cases:

Jason, Hessle, East Yorkshire

Last Autumn Jason, came critically close to the eighty-year mark with the lease on his garden apartment in Hessle. Having purchased his flat 19 years ago, the unexpired term was of little relevance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Jason arranged for a lease extension just in the nick of time last April. Jason and the landlord who owned the flat above ultimately settled on an amount of £5,000 . If he had missed the deadline, the sum would have increased by a minimum £925.

Hessle case:

Mr and Mrs. Y García moved into a purpose-built flat in Hessle in January 2008. The question was if we could approximate the price would be to extend the lease by an additional years. Comparative residencies in Hessle with 100 year plus lease were worth £205,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease terminated in 2103. Considering the 78 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.

Hessle case:

Last March we were called by Dr R Mason , who completed a first floor apartment in Hessle in March 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Comparable residencies in Hessle with a long lease were valued around £267,600. The average ground rent payable was £65 invoiced annually. The lease elapsed on 3 April 2092. Given that there were 67 years outstanding we approximated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 not including legals.