Why you should start your Highnam lease extension

Top reasons for lease extension now:

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

Highnam leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Highnam residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Highnam you must check if your lease has between 70 and ninety years remaining. There are good reasons why a Highnam flat owner with a lease having around eighty years unexpired should take action to make sure that a lease extension is effected without delay

Highnam property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not loan monies with a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with less than 70 years remaining - although this varies between mortgage companies. A buyer will undoubtedly find it difficult to obtain a mortgage and this could result in your Highnam property being difficult to sell or remortgage.

Why use us for your lease extension in Highnam?

Lease extensions in Highnam can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

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 procuring Highnam lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Highnam Lease Extension Case Summaries:

Harvey, Highnam, Gloucestershire

Last year Harvey, started to get near to the eighty-year threshold with the lease on his purpose- built flat in Highnam. In buying his property 18 years previously, the unexpired term was of minimal relevance. Luckily, it dawned on him that he would soon be paying way over the odds for a lease extension. Harvey was able to extend his lease at the eleventh hour last April. Harvey and the freeholder via the managing agents ultimately settled on sum of £5,000 . If the lease had slipped below eighty years, the figure would have become more exhorbitant by a minimum £925.

Highnam case:

Ms Rebecca Mason was assigned a lease of a first floor flat in Highnam in September 2006. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Highnam with a long lease were in the region of £205,000. The average ground rent payable was £50 billed per annum. The lease ended on 2 June 2104. Having 78 years outstanding we estimated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus costs.

Highnam case:

In 2012 we were approached by Mrs Harriet Díaz who, having owned a garden apartment in Highnam in October 2006. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Identical homes in Highnam with a long lease were worth £267,600. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease elapsed on 15 January 2093. Considering the 67 years outstanding we approximated the premium to the freeholder for the lease extension to be within £14,300 and £16,400 plus legals.