Top reasons for Hackenthorpe lease extension

Main reasons to start your Hackenthorpe lease extension today:

A Hackenthorpe leasehold property depreciates with the years remaining on the lease.

Hackenthorpe leases on domestic properties are gradually losing value. Where your lease has about ninety years unexpired, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be due. Flat owners in Hackenthorpe will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not qualify. There are prescribed deadlines and formalities to comply with once the process has commenced so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Hackenthorpe with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies will not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get jittery at around 75 years. This may be problematic once you wish to sell or remortgage your property as it will be practically unmortgageable. You might not have an imminent intention to sell but when you do your buyer must hold off for two years before they can exercise the right to a an extension to the lease.

Get in touch with one of our Hackenthorpe lease extension solicitors or enfranchisement solicitors

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

Hackenthorpe Lease Extension Example Cases:

Jessica, Hackenthorpe, South Yorkshire,

In the wake of 6 months of lengthy correspondence with the freeholder of her one bedroom flat in Hackenthorpe, Jessica initiated the lease extension process as the 80 year threshold was rapidly approaching. The lease extension was finalised in September 2005. The landlord’s charges were restricted to under five hundred GBP.

Hackenthorpe case:

Dr I Garcia bought a purpose-built flat in Hackenthorpe in June 1995. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by ninety years. Similar homes in Hackenthorpe with a long lease were valued around £227,800. The average ground rent payable was £45 collected monthly. The lease finished on 10 January 2091. Given that there were 65 years unexpired we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.

Hackenthorpe case:

Last Winter we were e-mailed by Mr and Mrs. I García , who was assigned a lease of a one bedroom apartment in Hackenthorpe in March 2001. We are asked if we could approximate the premium would likely be to extend the lease by 90 years. Identical premises in Hackenthorpe with an extended lease were in the region of £275,000. The mid-range ground rent payable was £55 collected per annum. The lease finished on 22 May 2102. Given that there were 76 years unexpired we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including expenses.