Main reasons to start your Hungerford lease extension

Why you should start your Hungerford lease extension today:

Increase your lease and increase your Hungerford property value

Hungerford leases on domestic properties are gradually losing value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. An important point to note is that it is desirable for your lease extension to take place before the term of the current lease drops lower than eighty years - otherwise a higher premium will be due. Leasehold owners in Hungerford will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In certain situations you may not be entitled. There are prescribed timetables and procedures to comply with once the process has started so it’s wise to be guided by a lawyer during the process.

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

It is generally considered that a property with over one hundred years remaining 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 decades to come.

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

Most high street banks are tightening their criteria and many now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. Given that a number of flats in Hungerford were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

What makes us experts in Hungerford lease extensions?

Regardless of whether you are a tenant or a landlord in Hungerford,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hungerford valuers.

Hungerford Lease Extension Case Summaries:

Joshua, Hungerford, Berkshire,

Joshua owned a 2 bedroom apartment in Hungerford on the market with a lease of fraction over fifty eight years outstanding. Joshua informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Joshua to exercise his statutory right. Joshua procured expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Hungerford case:

In 2012 we were contacted by Mr and Mrs. J Bennett who, having took over the lease of a ground floor flat in Hungerford in March 1995. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year extension to my lease. Comparative flats in Hungerford with an extended lease were worth £295,000. The average amount of ground rent was £45 invoiced monthly. The lease concluded on 28 November 2100. Taking into account 74 years remaining we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 exclusive of costs.

Hungerford case:

In 2012 we were phoned by Dr Laura Nguyen who, having was assigned a lease of a ground floor flat in Hungerford in February 2002. The dilemma was if we could approximate the premium would likely be to extend the lease by a further 90 years. Comparative residencies in Hungerford with 100 year plus lease were in the region of £250,400. The mid-range ground rent payable was £65 billed annually. The lease concluded in 2090. Given that there were 64 years outstanding we calculated the premium to the freeholder to extend the lease to be within £19,000 and £22,000 exclusive of costs.