Main reasons to start your Hawes lease extension

Why you should commence your Hawes lease extension today:

Increase your lease and increase your Hawes property value

Hawes residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

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

Leasehold residencies in Hawes with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may not lend on a short lease

Most mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies between mortgage companies. A buyer will no doubt find it difficult to obtain a mortgage and this could result in your Hawes property being difficult to dispose of or refinance.

What makes us experts in Hawes lease extensions?

Lease extensions in Hawes can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Hawes lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hawes Lease Extension Case Studies:

Theo, Hawes, North Yorkshire

Last year Theo, came dangerously close to the 80-year threshold with the lease on his studio flat in Hawes. In buying his flat 18 years previously, the lease term was of little bearing. by good luck, he noticed he would soon be paying way over the odds for a lease extension. Theo arranged for a lease extension at the eleventh hour in May. Theo and the freeholder via the management company in the end settled on an amount of £5,000 . If he had missed the deadline, the figure would have increased by a minimum £1,000.

Hawes case:

Last Autumn we were phoned by Mr and Mrs. A Kelly , who moved into a purpose-built flat in Hawes in February 2009. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar properties in Hawes with a long lease were worth £265,000. The average amount of ground rent was £50 collected per annum. The lease ran out on 17 November 2099. Having 73 years outstanding we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.

Hawes case:

In 2009 we were called by Dr Lily Bonnet who, having was assigned a lease of a first floor apartment in Hawes in June 2002. The question was if we could shed any light on how much (approximately) premium would be to prolong the lease by a further 90 years. Similar properties in Hawes with an extended lease were in the region of £264,000. The average amount of ground rent was £60 billed per annum. The lease came to a finish in 2079. Given that there were 53 years remaining we approximated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 not including costs.