Top reasons for Havant lease extension

Main reasons to commence your Havant lease extension today:

Increase your lease and increase your Havant property value

It’s a harsh certainty that a Havant residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Havant property prices.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher premium will be due. Most leasehold owners in Havant will be able to extend under the legislation; however a conveyancer will be able to clarify whether you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the process.

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

It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions will not lend with a short lease

Mortgage lenders have set criteria when lending monies charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to refinance your Havant home.

What makes us experts in Havant lease extensions?

The conveyancing solicitors that we work with undertake Havant 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.

Havant Lease Extension Example Cases:

Jonathan, Havant, Hampshire

Last Autumn Jonathan, came precariously near to the eighty-year threshold with the lease on his studio apartment in Havant. In buying his property two decades ago, the length of the lease was of minimal importance. Fortunately, he realised he would soon be paying an escalated premium for a lease extension. Jonathan extended the lease at the eleventh hour last June. Jonathan and the landlord who owned the flat above in the end settled on the final figure of £5,000 . If he had missed the deadline, the figure would have become more costly by a minimum £1,125.

Havant case:

Last Christmas we were contacted by Mr and Mrs. O Moore , who completed a studio apartment in Havant in August 2010. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by ninety years. Similar flats in Havant with a long lease were valued about £173,800. The average ground rent payable was £60 billed per annum. The lease termination date was in 2081. Considering the 55 years outstanding we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 not including fees.

Havant case:

Last Spring we were called by Mr Hunter Norbert , who acquired a basement apartment in Havant in January 2003. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Comparative premises in Havant with 100 year plus lease were valued around £235,200. The average ground rent payable was £45 invoiced quarterly. The lease terminated in 2092. Having 66 years remaining we calculated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including professional charges.