Top reasons for Hamworthy lease extension

Main reasons to start your Hamworthy lease extension today:

Increase your lease and increase your Hamworthy property value

Unfortunately that a Hamworthy residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Hamworthy property prices.Once your lease gets to 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher amount will be due. Most flat owners in Hamworthy will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

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

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not loan monies with a short lease

Almost all mortgage companies will be unwilling to grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your Hamworthy property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Hamworthy?

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

Hamworthy Lease Extension Case Studies:

Elizabeth, Hamworthy, Dorset,

Off the back of protracted negotiations with the freeholder of her two bedroom apartment in Hamworthy, Elizabeth initiated the lease extension process just as the lease was nearing the crucial eighty-year mark. The transaction completed in February 2009. The landlord’s charges were kept to an absolute minimum.

Hamworthy case:

Last Spring we were approach by Mr and Mrs. D Garcia , who acquired a recently refurbished flat in Hamworthy in February 1998. The question was if we could estimate the price would likely be to prolong the lease by 90 years. Comparative flats in Hamworthy with an extended lease were worth £193,400. The mid-range amount of ground rent was £65 invoiced monthly. The lease terminated on 3 February 2085. Given that there were 59 years unexpired we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 plus professional charges.

Hamworthy case:

In 2009 we were contacted by Mr C Miller who, having was assigned a lease of a one bedroom apartment in Hamworthy in July 2011. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by 90 years. Identical flats in Hamworthy with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 collected monthly. The lease finished on 24 September 2096. Taking into account 70 years as a residual term we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.