Top reasons for Hathern lease extension

Main reasons to start your Hathern lease extension today:

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

Hathern leases on residential deteriorating in value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the unexpired term of a lease dips below this level then you begin paying an additional element called marriage value. Flat owners in Hathern will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to check your eligibility. In some circumstances you may not be entitled. There are also strict timetables and procedures to follow once the process is initiated so it’s wise to be guided by a conveyancer during the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in Hathern with in excess of one hundred years left on the lease are often referred to as ‘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 maintenance charges warrant it.

Mortgage lenders will not loan monies with a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than seventy years as acceptable security. As well as this being important when selling, it is also relevant where you are intending to refinance your Hathern home.

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

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

Hathern Lease Extension Example Cases:

Ella, Hathern, Leicestershire,

Following lengthy negotiations with the freeholder of her garden flat in Hathern, Ella initiated the lease extension process just as her lease was coming close to the crucial 80-year deadline. The legal work was finalised in February 2010. The landlord’s fees were restricted to slightly above six hundred GBP.

Hathern case:

Last June we were called by Dr Lily King , who owned a purpose-built apartment in Hathern in April 2010. The question was if we could approximate the price would be for a ninety year extension to my lease. Identical premises in Hathern with 100 year plus lease were valued around £174,200. The mid-range amount of ground rent was £55 collected annually. The lease ran out in 2077. Having 51 years unexpired we estimated the premium to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of costs.

Hathern case:

In 2012 we were approached by Mr and Mrs. U Bailey who, having took over the lease of a ground floor flat in Hathern in July 2006. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by an additional years. Similar residencies in Hathern with a long lease were valued about £285,000. The mid-range ground rent payable was £45 invoiced every twelve months. The lease ended in 2097. Considering the 71 years unexpired we calculated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including legals.