Why you should start your Hedge End and Botley lease extension

Main reasons to commence your Hedge End and Botley lease extension today:

Increase your lease and increase your Hedge End and Botley property value

The market value of a leasehold property in Hedge End and Botley is impacted by how many years the lease has remaining. If it is close to or less than 80 years you should foresee difficulties on re-sale, so it is advisable to arrange for the lease to be extended prior to purchasing. Ideally one should start the process of extending the lease is when the lease still has 82 years remaining so that formalities can be concluded in advance of the 80 year cut off point. Current legislation enables Hedge End and Botley qualifying lessees to an additional term of 90 years over and above the existing term, at a notional rent (zero ground rent). The intention of the valuation is to determine the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

Hedge End and Botley property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend on a short lease

Lending institutions have set criteria when loaning monies charged on leasehold property. Many will simply not lend at all once the residual lease term slips under a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are wanting to remortgage your Hedge End and Botley property.

What makes us experts in Hedge End and Botley lease extensions?

Regardless of whether you are a tenant or a landlord in Hedge End and Botley,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 Hedge End and Botley valuers.

Hedge End and Botley Lease Extension Case Summaries:

Finn, Hedge End and Botley, Hampshire

Last year Finn, started to get near to the 80-year threshold with the lease on his ground floor apartment in Hedge End and Botley. In buying his flat two decades ago, the length of the lease was of little bearing. Luckily, he noticed he would soon be paying an escalated premium for Extending the lease. Finn extended the lease at the eleventh hour last January. Finn and the freeholder ultimately settled on the final figure of £5,000 . If he failed to meet the deadline, the price would have gone up by a minimum £1,125.

Hedge End and Botley case:

Last Summer we were e-mailed by Dr Maisie Ricardo , who completed a one bedroom flat in Hedge End and Botley in September 1997. We are asked if we could approximate the premium would likely be to extend the lease by an additional years. Identical properties in Hedge End and Botley with 100 year plus lease were worth £233,200. The mid-range ground rent payable was £60 collected quarterly. The lease came to a finish on 23 August 2087. Considering the 61 years outstanding we calculated the premium to the landlord to extend the lease to be within £22,800 and £26,400 plus fees.

Hedge End and Botley case:

In 2013 we were called by Mrs S Collins who, having completed a basement flat in Hedge End and Botley in June 2000. We are asked if we could approximate the price could be for a ninety year lease extension. Comparable premises in Hedge End and Botley with 100 year plus lease were in the region of £171,800. The average ground rent payable was £55 collected yearly. The lease expired in 2076. Given that there were 50 years unexpired we approximated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus professional charges.