Why you should start your Hazlemere lease extension

Why you should start your Hazlemere lease extension today:

Increase your lease and increase your Hazlemere property value

On the balance of probabilities if you own a flat in Hazlemere you actually own a long leasehold interest over your property

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

Lenders are really clamping down as regards to properties in Hazlemere with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus limiting the amount of potential purchasers.

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

The lawyers that we work with undertake Hazlemere lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hazlemere Lease Extension Example Cases:

Theo, Hazlemere, Buckinghamshire,

Theo owned a high value apartment in Hazlemere being sold with a lease of a few days over fifty eight years left. Theo informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Theo to invoke his statutory right. Theo obtained expert advice and secured an acceptable resolution informally and sell the flat.

Hazlemere case:

Mr and Mrs. B Pérez purchased a purpose-built apartment in Hazlemere in August 2001. The question was if we could estimate the premium would be for a 90 year lease extension. Identical properties in Hazlemere with an extended lease were in the region of £223,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease came to a finish on 2 April 2085. Having 59 years outstanding we calculated the premium to the landlord to extend the lease to be within £27,600 and £31,800 plus legals.

Hazlemere case:

Last year we were called by Dr L White , who was assigned a lease of a one bedroom apartment in Hazlemere in May 1998. We are asked if we could approximate the price could be to prolong the lease by 90 years. Similar homes in Hazlemere with a long lease were worth £205,000. The average ground rent payable was £50 billed monthly. The lease elapsed on 23 October 2105. Having 79 years left we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 not including fees.