Top reasons for Hartburn lease extension

Why you should commence your Hartburn lease extension today:

A Hartburn lease depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Hartburn. Clearly, the length of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the residence has to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying leaseholders in Hartburn have the legal entitlement to extend the lease for an additional ninety years under statute. Please give careful deliberation before putting off your Hartburn lease extension. Putting off the cost now only increases the price you will ultimately have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally considered that a property with over 100 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 premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to lend on a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be inadequate security.

What makes us experts in Hartburn lease extensions?

The lawyers that we work with handle Hartburn 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.

Hartburn Lease Extension Example Cases:

Freddie, Hartburn, Stockton on Tees,

Freddie owned a conversion apartment in Hartburn being sold with a lease of a few days over 72 years unexpired. Freddie on an informal basis contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Freddie to invoke his statutory right. Freddie procured expert legal guidance and was able to make an informed judgement and deal with the matter and sell the property.

Hartburn case:

In 2011 we were called by Mrs O Howard who, having took over the lease of a recently refurbished flat in Hartburn in April 2008. The question was if we could estimate the premium would likely be to prolong the lease by an additional years. Comparable residencies in Hartburn with a long lease were worth £285,000. The average ground rent payable was £55 billed yearly. The lease end date was in 2105. Considering the 79 years left we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus expenses.

Hartburn case:

Ms V Patel moved into a one bedroom flat in Hartburn in March 2009. The question was if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Identical properties in Hartburn with a long lease were valued about £193,400. The average ground rent payable was £65 billed per annum. The lease expired in 2085. Considering the 59 years left we estimated the premium to the landlord to extend the lease to be between £21,900 and £25,200 not including expenses.