Top reasons for Hanham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hanham property value

As the the remaining lease term of a Hanham domestic lease diminished so does its value and therefore the value of your property. Where the lease has, over 100 years remaining then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Hanham will meet the qualifying criteria; nevertheless a conveyancer can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not lend on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past mortgage companies were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Hanham?

The conveyancers that we work with handle Hanham 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.

Hanham Lease Extension Example Cases:

Ella, Hanham, Gloucestershire,

Trailing lengthy correspondence with the landlord of her leasehold apartment in Hanham, Ella initiated the lease extension process as the 80 year deadline was fast advancing. The transaction was concluded in October 2009. The freeholder’s charges were restricted to less than 650 pounds.

Hanham case:

Last Spring we were phoned by Dr G Lee , who completed a first floor flat in Hanham in March 2011. We are asked if we could approximate the compensation to the landlord would be for a 90 year lease extension. Comparable homes in Hanham with 100 year plus lease were valued around £225,400. The mid-range ground rent payable was £45 billed per annum. The lease ran out on 21 May 2090. Having 64 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 not including costs.

Hanham case:

Mr and Mrs. L Davies purchased a basement apartment in Hanham in May 2000. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year lease extension. Identical homes in Hanham with 100 year plus lease were in the region of £270,000. The mid-range amount of ground rent was £55 invoiced per annum. The lease terminated in 2101. Considering the 75 years left we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 not including fees.