Why you should start your Forty Hill lease extension

Top reasons for lease extension now:

A Forty Hill lease depreciates with the years remaining on the lease.

For those whose Forty Hill flat is held on a long lease, our message is clear – if you ignore the situation, the property will eventually 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 conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

Most mortgage lenders have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under seventy years as they are deemed to be unacceptable security.

Why use us for your lease extension in Forty Hill?

The conveyancing solicitors that we work with undertake Forty Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Forty Hill Lease Extension Example Cases:

Natalie, Forty Hill, North London,

Off the back of unsuccessful correspondence with the landlord of her basement apartment in Forty Hill, Natalie initiated the lease extension process just as the lease was coming close to the crucial eighty-year mark. The legal work was finalised in October 2006. The freeholder’s fees were restricted to less than 450 GBP.

Forty Hill case:

Mr and Mrs. O Norbert bought a one bedroom flat in Forty Hill in May 2009. The question was if we could approximate the price could be to extend the lease by an additional years. Identical flats in Forty Hill with an extended lease were worth £243,000. The mid-range amount of ground rent was £65 invoiced quarterly. The lease terminated in 2089. Considering the 63 years remaining we calculated the premium to the landlord for the lease extension to be within £20,000 and £23,000 plus costs.