Why you should commence your Hampden Pk lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hampden Pk property value

Hampden Pk leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Hampden Pk tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Hampden Pk you must see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

Hampden Pk property with a lease extension has roughly the same value as a freehold

Leasehold properties in Hampden Pk with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

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

Almost all banks and building societies will not grant a mortgage on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your Hampden Pk property being difficult to dispose of or refinance.

What makes us experts in Hampden Pk lease extensions?

The lawyers that we work with handle Hampden Pk 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 conveyancer we work with provide it.

Hampden Pk Lease Extension Example Cases:

Francesca, Hampden Pk, East Sussex,

Off the back of lengthy correspondence with the landlord of her leasehold apartment in Hampden Pk, Francesca commenced the lease extension process as the 80 year mark was rapidly coming. The transaction was concluded in September 2008. The landlord’s costs were kept to an absolute minimum.

Hampden Pk case:

Mr and Mrs. B Rivera moved into a first floor flat in Hampden Pk in March 2002. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Identical homes in Hampden Pk with 100 year plus lease were valued about £181,600. The mid-range ground rent payable was £55 invoiced quarterly. The lease came to a finish on 23 September 2078. Considering the 52 years as a residual term we estimated the premium to the landlord to extend the lease to be between £30,400 and £35,200 not including legals.

Hampden Pk case:

Last Winter we were e-mailed by Mr and Mrs. R Kelly , who owned a first floor apartment in Hampden Pk in August 2006. The dilemma was if we could shed any light on how much (roughly) premium would be for a ninety year extension to my lease. Identical flats in Hampden Pk with an extended lease were worth £290,000. The average amount of ground rent was £45 invoiced monthly. The lease expiry date was on 7 August 2098. Taking into account 72 years outstanding we estimated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 plus legals.