Main reasons to commence your Hurst Green lease extension

Top reasons for lease extension now:

A Hurst Green lease depreciates with the years remaining on the lease.

The closer a residential lease in Hurst Green gets to zero years unexpired, the the greater the reduction in the value of the property. Where the residual term has, over one hundred years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. Most flat owners in Hurst Green will qualify for this right; that being said a conveyancer can advise if you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

It is generally considered that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to lend with a short lease

Banks and Building Societies have set criteria when loaning monies secured on leasehold property. Many will simply refrain from lending at all once an unexpired lease term goes beneath a certain unexpired lease term. Many Lending institutions will not regard property with a remaining below 75 years suitable security. In addition to this being important when selling, it is also relevant where you are seeking to refinance your Hurst Green property.

Why use us for your lease extension in Hurst Green?

Lease extensions in Hurst Green can be a difficult process. We recommend you procure guidance from a lawyer and surveyor well versed in the legislation and lease extension process.

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

Hurst Green Lease Extension Case Studies:

Elizabeth, Hurst Green, East Sussex,

Trailing lengthy negotiations with the landlord of her purpose-built flat in Hurst Green, Elizabeth started the lease extension process just as her lease was approaching the critical 80-year deadline. The lease extension was finalised in July 2013. The freeholder’s costs were restricted to approximately 700 pounds.

Hurst Green case:

In 2012 we were phoned by Mr Max Lambert who, having moved into a first floor apartment in Hurst Green in September 2000. We are asked if we could estimate the price could be for a 90 year extension to my lease. Identical properties in Hurst Green with 100 year plus lease were worth £267,600. The average amount of ground rent was £65 billed every twelve months. The lease came to a finish in 2093. Considering the 67 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £14,300 and £16,400 exclusive of professional charges.

Hurst Green case:

Mr C Bell bought a first floor flat in Hurst Green in June 2000. The dilemma was if we could approximate the premium could be for a ninety year extension to my lease. Similar flats in Hurst Green with 100 year plus lease were worth £206,200. The average amount of ground rent was £60 invoiced per annum. The lease termination date was in 2082. Considering the 56 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £31,400 and £36,200 plus costs.