Top reasons for Hayling Island lease extension

Main reasons to commence your Hayling Island lease extension today:

A Hayling Island leasehold property depreciates with the years remaining on the lease.

Hayling Island leases on domestic deteriorating in value. Where your lease has about 90 years left, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then have to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Hayling Island will usually qualify for a lease extension; however it’s a good idea to check with a conveyancer to check if you qualify. In some cases you may not be entitled. There are also strict timetables and formalities to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.

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

Leasehold premises in Hayling Island with more than 100 years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders will not finance a property on a short lease

Lending institutions have specific criteria when loaning funds charged on leasehold homes. Many will simply refuse lend at all once an unexpired lease term slips lower than a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below 75 years suitable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Hayling Island property.

Why use us for your lease extension in Hayling Island?

Irrespective of whether you are a tenant or a freeholder in Hayling Island,the lease extension experts 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 Hayling Island valuers.

Hayling Island Lease Extension Case Studies:

Lucy, Hayling Island, Hampshire,

In the wake of 9 months of protracted discussions with the landlord of her studio apartment in Hayling Island, Lucy commenced the lease extension process as the eighty year deadline was fast advancing. The legal work was finalised in July 2006. The freeholder’s fees were kept to an absolute minimum.

Hayling Island case:

Last year we were approach by Mr and Mrs. R Carter , who moved into a recently refurbished apartment in Hayling Island in January 1999. We are asked if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Similar premises in Hayling Island with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 billed annually. The lease lapsed on 6 July 2098. Considering the 72 years outstanding we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.

Hayling Island case:

Mr J André purchased a one bedroom apartment in Hayling Island in June 2002. The question was if we could estimate the compensation to the landlord would be to extend the lease by 90 years. Comparable residencies in Hayling Island with a long lease were valued about £256,600. The mid-range ground rent payable was £60 billed per annum. The lease terminated on 24 June 2078. Taking into account 52 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £39,000 and £45,000 plus legals.