Why you should start your Havant lease extension

Main reasons to commence your Havant lease extension today:

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

Havant leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Most owners of residential leasehold property in Havant enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Havant you would be well advised to investigate if your lease has between 70 and 90 years remaining. There are good reasons why a Havant leaseholder with a lease having around eighty years unexpired should take steps to ensure that a lease extension is effected without delay

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

Leasehold properties in Havant with in excess of 100 years unexpired on the lease are often regarded as a ‘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 service charges justify it.

Lending institutions may not loan monies on a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be insufficient for lending purposes.

What makes us experts in Havant lease extensions?

The lawyers 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 lawyer we work with provide it.

Havant Lease Extension Example Cases:

Kian, Havant, Hampshire,

Kian owned a studio flat in Havant on the market with a lease of fraction over 72 years left. Kian informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Kian to invoke his statutory right. Kian obtained expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.

Havant case:

Last Autumn we were approach by Dr P Jackson , who took over the lease of a purpose-built flat in Havant in April 1996. The dilemma was if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparative flats in Havant with an extended lease were in the region of £242,600. The mid-range ground rent payable was £45 billed per annum. The lease terminated on 6 April 2093. Taking into account 67 years unexpired we estimated the premium to the landlord for the lease extension to be between £11,400 and £13,200 exclusive of costs.

Havant case:

In 2011 we were called by Mr and Mrs. V Roux who, having bought a studio apartment in Havant in March 2001. The dilemma was if we could estimate the premium could be to prolong the lease by an additional years. Identical properties in Havant with a long lease were in the region of £280,000. The mid-range ground rent payable was £55 invoiced quarterly. The lease terminated in 2104. Given that there were 78 years unexpired we estimated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 not including expenses.