Main reasons to start your Hagley lease extension

Main reasons to commence your Hagley lease extension today:

Increase your lease and increase your Hagley property value

As the length of the unexpired term of a Hagley residential lease diminished so does its value and therefore the value of your property. If the residual term has, in excess of 99 years to run then this decrease may be fractional however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending sooner as opposed to later. Many flat owners in Hagley will qualify for this right; that being said a lawyer should be able to confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Hagley with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders will not lend with a short lease

Almost all banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should keep in mind that it is likely that someone wanting to acquire your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the financial worth of the property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to lend on

What makes us experts in Hagley lease extensions?

Engaging our service will provide you enhanced control over the value of your Hagley leasehold, as your property will be more valuable and marketable in respect of 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.

Hagley Lease Extension Case Summaries:

Katherine, Hagley, Worcestershire,

Trailing unsuccessful discussions with the landlord of her purpose-built apartment in Hagley, Katherine started the lease extension process as the 80 year deadline was quickly approaching. The lease extension completed in August 2012. The landlord’s costs were kept to an absolute minimum.

Hagley case:

In 2009 we were e-mailed by Dr Danielle Parker who, having was assigned a lease of a newly refurbished flat in Hagley in September 1996. The question was if we could shed any light on how much (roughly) compensation to the landlord would be to prolong the lease by 90 years. Comparable properties in Hagley with an extended lease were valued about £270,000. The average amount of ground rent was £55 collected quarterly. The lease ended in 2100. Considering the 74 years unexpired we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus professional charges.

Hagley case:

Dr Evan Mason owned a ground floor apartment in Hagley in January 2008. The question was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Comparable properties in Hagley with an extended lease were worth £166,400. The average amount of ground rent was £60 billed every twelve months. The lease elapsed in 2080. Taking into account 54 years unexpired we calculated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 not including costs.