Stop! Your Lease Extension in Hurst Green Could Be FREE

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Many leaseholders in Hurst Green are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hurst Green has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Hurst Green lease extension

Why you should start your Hurst Green lease extension today:

Increase your lease and increase your Hurst Green property value

Hurst Green 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. The majority of owners of residential leasehold property in Hurst Green enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Hurst Green you really ought to investigate if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

Hurst Green property with a lease extension is almost the same value as a freehold

Leasehold residencies in Hurst Green with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not grant a mortgage on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on a leasehold residence before they will contemplate providing a mortgage on it. Even if you don't require a mortgage, you should be aware that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't get a mortgage, then the financial worth of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are willing to accept

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Hurst Green?

Retaining our service gives you enhanced control over the value of your Hurst Green leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hurst Green Lease Extension Example Cases:

Amy, Hurst Green, East Sussex,

In the wake of 6 months of protracted correspondence with the freeholder of her purpose-built apartment in Hurst Green, Amy started the lease extension process just as the lease was approaching the all-important eighty-year mark. The transaction was finalised in March 2015. The landlord’s charges were kept to an absolute minimum.

Hurst Green case:

In 2009 we were called by Dr F Reed who, having moved into a ground floor flat in Hurst Green in July 2007. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by ninety years. Comparable flats in Hurst Green with an extended lease were worth £290,000. The mid-range amount of ground rent was £45 billed quarterly. The lease lapsed in 2098. Given that there were 72 years remaining we estimated the compensation to the freeholder for the lease extension to be between £11,400 and £13,200 exclusive of legals.

Hurst Green case:

Dr N Brown bought a garden flat in Hurst Green in January 2012. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparable premises in Hurst Green with an extended lease were worth £233,200. The average ground rent payable was £60 invoiced monthly. The lease termination date was on 24 March 2087. Taking into account 61 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £22,800 and £26,400 exclusive of fees.