Main reasons to commence your Hayes lease extension

Main reasons to start your Hayes lease extension today:

Increase your lease and increase your Hayes property value

Hayes 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 the lease becomes more expensive. It is the case that most Hayes tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Hayes you should check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Hayes leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is put in place without delay

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

Leasehold premises in Hayes with in excess of one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may not loan monies with a short lease

Mortgage companies are really clamping down as regards to properties in Hayes with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting the amount of potential purchasers.

What makes us experts in Hayes lease extensions?

Engaging our service will provide you enhanced control over the value of your Hayes leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hayes Lease Extension Case Studies:

Ali, Hayes, North London

Last October Ali, came perilously near to the eighty-year mark with the lease on his basement apartment in Hayes. Having bought his home two decades ago, the length of the lease was of no interest. Thankfully, he realised he would imminently be paying an inflated amount for Extending the lease. Ali extended the lease just ahead of time in June. Ali and the landlord subsequently agreed on a premium of £5,500 . If the lease had fallen to less than eighty years, the amount would have become more costly by a minimum £1,075.

Hayes case:

In 2013 we were phoned by Mr M Ward who, having owned a recently refurbished apartment in Hayes in June 2000. The question was if we could shed any light on how much (roughly) premium would likely be for a ninety year lease extension. Comparable homes in Hayes with 100 year plus lease were in the region of £223,400. The mid-range ground rent payable was £60 invoiced annually. The lease expired in 2085. Taking into account 59 years outstanding we approximated the premium to the landlord for the lease extension to be within £27,600 and £31,800 exclusive of professional charges.