Why you should commence your Friday Hill lease extension

Main reasons to commence your Friday Hill lease extension today:

Increase your lease and increase your Friday Hill property value

The market value of Friday 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 escalate significantly once the unexpired lease term is below than 80 years

Friday Hill property with a lease extension is almost the same value as a freehold

Leasehold premises in Friday Hill with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Lenders may decide not to loan monies on a short lease

Almost all mortgage lenders will be unwilling to lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A buyer will likely encounter difficulties in obtaining a mortgage and this could result in your Friday Hill property being difficult to dispose of or remortgage.

What makes us experts in Friday Hill lease extensions?

Retaining our service gives you increased control over the value of your Friday Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Friday Hill Lease Extension Example Cases:

Adam, Friday Hill, North East London,

Adam was the the leasehold owner of a 2 bedroom flat in Friday Hill on the market with a lease of fraction over 61 years unexpired. Adam informally approached his landlord 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 on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Adam to invoke his statutory right. Adam obtained expert advice and secured an acceptable deal informally and ending up with a market value flat.

Friday Hill case:

Mr and Mrs. O Thompson was assigned a lease of a studio flat in Friday Hill in October 1998. We are asked if we could shed any light on how much (roughly) price would likely be to prolong the lease by ninety years. Identical flats in Friday Hill with 100 year plus lease were in the region of £255,000. The mid-range ground rent payable was £50 collected quarterly. The lease elapsed on 9 February 2096. Having 70 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £10,500 and £12,000 not including expenses.

Friday Hill case:

Mrs Lydia Clark acquired a purpose-built apartment in Friday Hill in March 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparative residencies in Friday Hill with an extended lease were valued about £246,800. The average amount of ground rent was £60 invoiced yearly. The lease lapsed on 24 February 2076. Taking into account 50 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £44,700 and £51,600 plus legals.