Top reasons for Hagley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hagley property value

As the length of the unexpired term of a Hagley residential lease lessens so does its value and therefore the value of your property. Where the lease has, in excess of one hundred years to run then this decrease may be fractional that being said there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should consider extending without delay. The majority of flat owners in Hagley will meet the qualifying criteria; nevertheless a conveyancer can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold residencies in Hagley with more than 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Banks and Building Societies may not loan monies with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now require flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. As many flats in Hagley were created in the fifties, sixties and seventies this means many now need to be extended if they wish to get a mortgage.

Why use us for your lease extension in Hagley?

The conveyancing solicitors that we work with procure Hagley 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 conveyancing solicitor we work with provide it.

Hagley Lease Extension Case Summaries:

Niamh, Hagley, Worcestershire,

Off the back of lengthy correspondence with the freeholder of her first floor flat in Hagley, Niamh started the lease extension process just as her lease was nearing the critical 80-year threshold. The transaction completed in September 2012. The landlord’s charges were negotiated to under 700 pounds.

Hagley case:

In 2012 we were phoned by Mr and Mrs. O Vincent who, having moved into a garden apartment in Hagley in October 2012. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative properties in Hagley with 100 year plus lease were valued around £176,200. The average ground rent payable was £65 billed every twelve months. The lease ended in 2082. Given that there were 56 years as a residual term we calculated the compensation to the landlord for the lease extension to be within £29,500 and £34,000 plus professional charges.

Hagley case:

In 2009 we were contacted by Mrs Maisie Phillips who, having took over the lease of a ground floor flat in Hagley in May 2006. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Comparative properties in Hagley with 100 year plus lease were valued about £235,200. The mid-range amount of ground rent was £45 collected yearly. The lease ended on 6 June 2092. Considering the 66 years outstanding we approximated the premium to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of fees.