Top reasons for Hedge End and Botley lease extension

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

A Hedge End and Botley lease depreciates with the years remaining on the lease.

Hedge End and Botley residential property owned on a long lease is a wasting asset as the leaseholder merely owns the property for a period of years.

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not lend on a short lease

Almost all banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so in the event that they can't get a mortgage, then the value of your property will likely suffer. In the last decade the majority of 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 Hedge End and Botley lease extension solicitors or enfranchisement solicitors

Using our service gives you enhanced control over the value of your Hedge End and Botley leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hedge End and Botley Lease Extension Case Summaries:

Jason, Hedge End and Botley, Hampshire

16 months ago Jason, started to get close to the 80-year threshold with the lease on his one bedroom flat in Hedge End and Botley. In buying his flat two decades ago, the lease term was of no significance. Fortunately, he became aware that he would imminently be paying way over the odds for Extending the lease. Jason extended the lease just under the wire in August. Jason and the landlord ultimately settled on a premium of £5,500 . If the lease had dipped lower than eighty years, the price would have increased by at least £925.

Hedge End and Botley case:

Last Spring we were contacted by Ms V Wright , who acquired a basement apartment in Hedge End and Botley in June 1999. The question was if we could estimate the price would be to extend the lease by ninety years. Similar properties in Hedge End and Botley with an extended lease were in the region of £210,000. The mid-range amount of ground rent was £50 collected per annum. The lease lapsed in 2106. Given that there were 80 years unexpired we calculated the compensation to the freeholder for the lease extension to be between £8,600 and £9,800 plus costs.

Hedge End and Botley case:

Last Winter we were phoned by Dr D Simon , who was assigned a lease of a basement apartment in Hedge End and Botley in January 2002. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Comparable premises in Hedge End and Botley with 100 year plus lease were in the region of £280,000. The mid-range amount of ground rent was £45 invoiced yearly. The lease terminated on 20 July 2095. Given that there were 69 years outstanding we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 exclusive of expenses.