Why you should commence your Forty Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Forty Hill property value

The market value of Forty Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the remaining term is below than eighty years

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

Leasehold properties in Forty Hill with more than 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges merit it.

Lenders may not loan monies on a short lease

Lenders are really clamping down as regards to properties in Forty Hill with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

Why use us for your lease extension in Forty Hill?

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

Forty Hill Lease Extension Example Cases:

Caleb, Forty Hill, North London,

Caleb owned a high value flat in Forty Hill on the market with a lease of a little over 61 years remaining. Caleb informally spoke with 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 an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Caleb to exercise his statutory right. Caleb procured expert legal guidance and was able to make a more informed decision and handle with the matter and ending up with a market value flat.

Forty Hill case:

In 2013 we were e-mailed by Mrs T Nguyen who, having moved into a studio flat in Forty Hill in May 2007. The question was if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Similar homes in Forty Hill with a long lease were valued about £240,600. The average amount of ground rent was £60 invoiced quarterly. The lease expiry date was in 2088. Taking into account 62 years outstanding we calculated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus costs.