Main reasons to commence your Hanslope lease extension

Main reasons to commence your Hanslope lease extension today:

Increase your lease and increase your Hanslope property value

Hanslope leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. The majority of owners of residential leasehold property in Hanslope enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Hanslope you must investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

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

Leasehold premises in Hanslope with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lenders will not grant a mortgage with a short lease

Most banks and building societies will be unwilling to lend on a lease with under 70 years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Hanslope property becoming difficult to sell or remortgage.

Why use us for your lease extension in Hanslope?

Using our service will provide you better control over the value of your Hanslope leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hanslope Lease Extension Case Summaries:

Jacob, Hanslope, Buckinghamshire,

Jacob owned a studio apartment in Hanslope on the market with a lease of just over 61 years remaining. Jacob on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Jacob to exercise his statutory right. Jacob obtained expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

Hanslope case:

In 2013 we were approached by Mr Y Martinez who, having completed a ground floor apartment in Hanslope in February 2009. We are asked if we could shed any light on how much (approximately) price could be to prolong the lease by 90 years. Similar premises in Hanslope with an extended lease were worth £240,600. The average amount of ground rent was £60 collected quarterly. The lease ran out on 27 February 2088. Given that there were 62 years left we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 plus expenses.

Hanslope case:

Last Summer we were approach by Mr and Mrs. H Moreau , who moved into a purpose-built flat in Hanslope in September 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Comparable properties in Hanslope with a long lease were valued about £174,200. The mid-range amount of ground rent was £55 billed yearly. The lease lapsed in 2077. Having 51 years left we approximated the compensation to the freeholder for the lease extension to be between £31,400 and £36,200 not including fees.