Why you should commence your Haslington lease extension

Why you should start your Haslington lease extension today:

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

Haslington leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Haslington residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Haslington you really ought to investigate if your lease has between 70 and ninety years remaining. There are compelling reasons why a Haslington flat owner with a lease having around eighty years remaining should take action to make sure that a lease extension is actioned without delay

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This will be problematic as and when you come to market or remortgage your property as it will be effectively unmortgageable. You might not have an imminent desire to sell but when you do your purchaser will need to wait two years before they can exercise the right to a an extension to the lease.

Get in touch with one of our Haslington lease extension solicitors or enfranchisement solicitors

Retaining our service will provide you enhanced control over the value of your Haslington leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Haslington Lease Extension Case Studies:

James, Haslington, Cheshire,

James was the the leasehold owner of a conversion flat in Haslington being marketed with a lease of just over 72 years unexpired. James on an informal basis contacted his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were James to invoke his statutory right. James procured expert advice and secured satisfactory resolution informally and ending up with a market value flat.

Haslington case:

Mrs R Young acquired a purpose-built flat in Haslington in May 2006. We are asked if we could shed any light on how much (roughly) premium could be for a ninety year extension to my lease. Comparable premises in Haslington with an extended lease were valued about £205,000. The average amount of ground rent was £50 invoiced yearly. The lease concluded on 20 March 2105. Having 79 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus expenses.

Haslington case:

Mrs E Murphy purchased a recently refurbished flat in Haslington in February 2004. The question was if we could estimate the premium would likely be to extend the lease by an additional years. Comparative flats in Haslington with a long lease were valued around £275,000. The mid-range ground rent payable was £65 collected quarterly. The lease finished on 8 August 2094. Having 68 years unexpired we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of legals.