Top reasons for Hazlemere lease extension

Main reasons to commence your Hazlemere lease extension today:

Increase your lease and increase your Hazlemere property value

Owning a apartment usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Hazlemere. Inevitably, the length of lease left reduces over time. This may slip by relatively unnoticed when the residence needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Hazlemere have the legal entitlement to extend the lease for an additional ninety years under Leasehold Reform legislation. Do give due attention before delaying your Hazlemere lease extension. Putting off that expense now likely increases the price you will ultimately incur for a lease extension

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

Most mortgage lenders require a lengthy amount of time remaining on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wanting to acquire your property in the future might well do, so if they are unable to obtain a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Why use us for your lease extension in Hazlemere?

Irrespective of whether you are a tenant or a freeholder in Hazlemere,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hazlemere valuers.

Hazlemere Lease Extension Example Cases:

Felix, Hazlemere, Buckinghamshire,

Felix owned a conversion apartment in Hazlemere being marketed with a lease of fraction over 61 years left. Felix on an informal basis approached his landlord being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Felix to exercise his statutory right. Felix procured expert legal guidance and secured satisfactory deal informally and readily saleable.

Hazlemere case:

Last month we were contacted by Mrs V Morgan , who bought a one bedroom flat in Hazlemere in July 2005. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by ninety years. Comparable properties in Hazlemere with 100 year plus lease were in the region of £295,000. The mid-range ground rent payable was £50 billed quarterly. The lease concluded in 2101. Taking into account 75 years outstanding we approximated the premium to the landlord to extend the lease to be between £8,600 and £9,800 plus expenses.

Hazlemere case:

Last Autumn we were called by Dr Jack Brooks , who purchased a ground floor flat in Hazlemere in August 2002. We are asked if we could shed any light on how much (approximately) price would likely be to extend the lease by 90 years. Similar flats in Hazlemere with an extended lease were valued about £250,400. The mid-range ground rent payable was £65 collected yearly. The lease elapsed on 25 June 2090. Taking into account 64 years remaining we calculated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of expenses.