Why you should commence your Hailsham lease extension

Why you should start your Hailsham lease extension today:

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

On the balance of probabilities if you own a flat in Hailsham you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

Lending institutions have specific criteria when loaning monies charged on leasehold homes. Some will simply not lend at all once the remaining lease term falls beneath a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Hailsham property.

What makes us experts in Hailsham lease extensions?

Regardless of whether you are a tenant or a landlord in Hailsham,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hailsham valuers.

Hailsham Lease Extension Case Summaries:

Teddy, Hailsham, East Sussex,

Teddy owned a high value apartment in Hailsham being marketed with a lease of fraction over 61 years remaining. Teddy on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Teddy to exercise his statutory right. Teddy procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

Hailsham case:

Last year we were called by Mr Finn Patel , who acquired a recently refurbished apartment in Hailsham in June 2006. The dilemma was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Comparable flats in Hailsham with a long lease were worth £245,000. The mid-range amount of ground rent was £50 invoiced yearly. The lease lapsed on 15 March 2094. Having 68 years remaining we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.

Hailsham case:

Mr and Mrs. V Cook took over the lease of a basement flat in Hailsham in August 2004. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Identical homes in Hailsham with a long lease were worth £285,000. The average amount of ground rent was £55 invoiced every twelve months. The lease concluded on 14 April 2105. Taking into account 79 years outstanding we estimated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of costs.