Stop! Your Lease Extension in Hassocks Could Be FREE

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Many leaseholders in Hassocks are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hassocks has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Hassocks lease extension

Why you should commence your Hassocks lease extension today:

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

Hassocks residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a set term.

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

Leasehold premises in Hassocks with in excess of one hundred 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 premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders may decide not to issue a mortgage with a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Hassocks property becoming difficult to sell or refinance.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Hassocks lease extensions?

Regardless of whether you are a tenant or a landlord in Hassocks,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hassocks valuers.

Hassocks Lease Extension Example Cases:

Rosie, Hassocks, West Sussex,

Subsequent to unsuccessful discussions with the landlord of her purpose-built apartment in Hassocks, Rosie commenced the lease extension process as the 80 year threshold was fast advancing. The lease extension was finalised in February 2012. The landlord’s charges were kept to an absolute minimum.

Hassocks case:

Last Autumn we were e-mailed by Mr and Mrs. K Reed , who was assigned a lease of a ground floor apartment in Hassocks in July 2003. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Identical homes in Hassocks with an extended lease were in the region of £235,200. The average ground rent payable was £45 invoiced monthly. The lease came to a finish on 18 January 2092. Considering the 66 years left we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus fees.

Hassocks case:

In 2010 we were phoned by Dr F Peterson who, having purchased a garden flat in Hassocks in November 1998. The question was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable homes in Hassocks with an extended lease were in the region of £275,000. The average ground rent payable was £55 billed per annum. The lease expired on 27 January 2103. Taking into account 77 years unexpired we estimated the compensation to the landlord to extend the lease to be within £13,300 and £15,400 plus legals.