Why you should commence your Highnam lease extension

Main reasons to start your Highnam lease extension today:

Increase your lease and increase your Highnam property value

On the balance of probabilities where you own a flat in Highnam you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.

Lenders will not finance a property on a short lease

Lending institutions have specific criteria when loaning funds secured on leasehold homes. Many will simply refrain from lending at all once the residual lease term falls under a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Highnam home.

What makes us experts in Highnam lease extensions?

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

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 dealing with 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 Studies:

Reuben, Highnam, Gloucestershire,

Reuben was the the leasehold proprietor of a studio flat in Highnam being sold with a lease of a few days over 72 years unexpired. Reuben on an informal basis spoke with his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Reuben to exercise his statutory right. Reuben obtained expert advice and secured satisfactory resolution without going to tribunal and ending up with a market value flat.

Highnam case:

Mr N Mitchell bought a purpose-built apartment in Highnam in May 2005. We are asked if we could approximate the price would likely be for a ninety year extension to my lease. Similar homes in Highnam with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 billed yearly. The lease ran out on 24 April 2096. Having 70 years unexpired we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 plus fees.

Highnam case:

Last Summer we were approach by Dr F Stewart , who acquired a first floor flat in Highnam in July 1995. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Identical properties in Highnam with a long lease were valued about £223,400. The average ground rent payable was £60 invoiced yearly. The lease terminated in 2085. Given that there were 59 years left we estimated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 exclusive of costs.