Top reasons for Haslemere lease extension

Main reasons to commence your Haslemere lease extension today:

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

Haslemere leases on domestic properties are gradually losing value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. An important point to note is that it is desirable for the lease extension to be in place before the term of the current lease falls under eighty years - otherwise a higher premium will be payable. Leasehold owners in Haslemere will usually qualify for a lease extension; however It would be wise to check with a conveyancer to check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and formalities to comply with once the process has started so it’s sensible to be guided by a conveyancer during the process.

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

Leasehold premises in Haslemere with over 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

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

The trend since over the last decade has been for lenders to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders were content with twenty years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Haslemere lease extensions?

The lawyers that we work with undertake Haslemere 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 conveyancing solicitor we work with provide it.

Haslemere Lease Extension Example Cases:

Harvey, Haslemere, Surrey

Last year Harvey, came dangerously close to the eighty-year mark with the lease on his studio apartment in Haslemere. In buying his home two decades ago, the lease term was of no bearing. Luckily, he became aware that he needed to take action soon on a lease extension. Harvey was able to extend his lease just ahead of time last July. Harvey and the landlord eventually agreed on the final figure of £6,000 . If he had missed the deadline, the premium would have escalated by a minimum £1,100.

Haslemere case:

Last month we were called by Mr and Mrs. E Miller , who acquired a garden flat in Haslemere in October 1995. We are asked if we could estimate the premium would likely be to extend the lease by 90 years. Identical residencies in Haslemere with a long lease were worth £280,000. The mid-range amount of ground rent was £55 billed yearly. The lease ran out in 2103. Given that there were 77 years left we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including professional charges.

Haslemere case:

In 2012 we were called by Mrs T Wood who, having purchased a recently refurbished apartment in Haslemere in August 1998. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a ninety year lease extension. Comparable homes in Haslemere with an extended lease were worth £183,600. The mid-range ground rent payable was £65 billed yearly. The lease elapsed on 18 February 2083. Taking into account 57 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £28,500 and £33,000 plus expenses.