Top reasons for Haslemere lease extension

Main reasons to start your Haslemere lease extension today:

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

For anyone whose Haslemere flat is held on a long lease, the message is clear – if nothing is done, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

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

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may decide not to lend with a short lease

Mortgage companies are really restricting their approach as regards to homes in Haslemere with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus limiting your market.

Why use us for your lease extension in Haslemere?

Irrespective of whether you are a tenant or a landlord in Haslemere,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Haslemere valuers.

Haslemere Lease Extension Example Cases:

Noah, Haslemere, Surrey,

Noah owned a studio apartment in Haslemere being marketed with a lease of a little over 59 years outstanding. Noah informally contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £200 annually. Ordinarily, ground rent would not be payable on a lease extension were Noah to invoke his statutory right. Noah obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

Haslemere case:

Mr M Parker moved into a one bedroom apartment in Haslemere in February 2001. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparable properties in Haslemere with an extended lease were worth £191,000. The average ground rent payable was £65 invoiced annually. The lease elapsed in 2084. Taking into account 58 years unexpired we approximated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including professional charges.

Haslemere case:

In 2011 we were e-mailed by Mr and Mrs. L Bonnet who, having was assigned a lease of a ground floor apartment in Haslemere in June 1996. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by 90 years. Comparative residencies in Haslemere with 100 year plus lease were worth £250,000. The mid-range ground rent payable was £50 billed per annum. The lease end date was in 2095. Given that there were 69 years outstanding we calculated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.