Why you should start your Forty Hill lease extension

Why you should start your Forty Hill lease extension today:

Increase your lease and increase your Forty Hill property value

For those whose Forty Hill home is held on a long lease, our message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to procure a lease extension.

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not lend with a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This may be problematic when you come to dispose of or refinance your property as it will be effectively unmortgageable. You may not have an immediate intention to sell but when you do your purchaser will need to wait two years before they can start the legal procedures for a lease extension.

What makes us experts in Forty Hill lease extensions?

Retaining our service will provide you better control over the value of your Forty Hill leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Forty Hill Lease Extension Example Cases:

Jessica, Forty Hill, North London,

Subsequent to protracted negotiations with the freeholder of her purpose-built flat in Forty Hill, Jessica initiated the lease extension process as the eighty year mark was fast advancing. The lease extension was finalised in September 2011. The landlord’s charges were restricted to about 550 GBP.

Forty Hill case:

Mr and Mrs. I Brown moved into a one bedroom flat in Forty Hill in May 1997. The question was if we could approximate the premium could be for a ninety year lease extension. Comparable homes in Forty Hill with an extended lease were worth £198,800. The mid-range amount of ground rent was £55 billed monthly. The lease ended on 9 January 2081. Having 55 years unexpired we approximated the premium to the freeholder for the lease extension to be between £33,300 and £38,400 not including professional charges.