Top reasons for Haywards Heath lease extension

Why you should commence your Haywards Heath lease extension today:

A Haywards Heath lease depreciates with the years remaining on the lease.

Haywards Heath leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying Haywards Heath residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Haywards Heath you really ought to investigate if your lease has between seventy and 90 years remaining. There are compelling reasons why a Haywards Heath leaseholder with a lease having around 80 years unexpired should take action to make sure that a lease extension is effected without delay

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

It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Lenders will not finance a property with a short lease

Nearly all mortgage lenders insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should be conscious that it is probable that someone wanting to buy your property in the future might well do, so where they can't secure a mortgage, then the financial worth of the property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Get in touch with one of our Haywards Heath lease extension solicitors or enfranchisement solicitors

Retaining our service gives you increased control over the value of your Haywards Heath leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Haywards Heath Lease Extension Example Cases:

Nathan, Haywards Heath, West Sussex

In recent months Nathan, came very near to the eighty-year mark with the lease on his first floor flat in Haywards Heath. Having purchased his home two decades ago, the lease term was of no relevance. Thankfully, it dawned on him that he needed to take action soon on Extending the lease. Nathan arranged for a lease extension just ahead of time in June. Nathan and the freeholder eventually settled on an amount of £5,000 . If he failed to meet the deadline, the price would have become more costly by a minimum £950.

Haywards Heath case:

In 2012 we were e-mailed by Mr and Mrs. C Clark who, having moved into a studio apartment in Haywards Heath in June 2011. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative flats in Haywards Heath with 100 year plus lease were in the region of £181,600. The average ground rent payable was £55 collected per annum. The lease expired on 7 May 2078. Having 52 years outstanding we calculated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.

Haywards Heath case:

Last month we were e-mailed by Mrs Daisy Brooks , who acquired a newly refurbished flat in Haywards Heath in August 2005. We are asked if we could shed any light on how much (roughly) premium would likely be for a 90 year lease extension. Similar homes in Haywards Heath with an extended lease were in the region of £285,000. The mid-range amount of ground rent was £45 collected quarterly. The lease came to a finish on 15 March 2098. Taking into account 72 years left we estimated the premium to the landlord for the lease extension to be between £12,400 and £14,200 not including professional charges.