Top reasons for Hedge End lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hedge End property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your 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 Hedge End. Clearly, the term of lease left reduces as time goes by. This may pass by relatively unnoticed when the property needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Hedge End have the right to extend the lease for an additional 90 years under statute. Please give careful consideration before putting off your Hedge End lease extension. Putting off that expense now simply increases the price you will ultimately have to pay to extend your lease

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for many years ahead.

Lenders may decide not to loan monies on a short lease

Most banks and building societies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be mindful that it is reasonable to assume that someone wanting to purchase your property in the future might well do, so if they can't get a mortgage, then the market price of your property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Hedge End?

Lease extensions in Hedge End can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Hedge End lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hedge End Lease Extension Example Cases:

Bethan, Hedge End, Hampshire,

Subsequent to unsuccessful correspondence with the landlord of her ground floor apartment in Hedge End, Bethan commenced the lease extension process as the eighty year threshold was quickly coming. The legal work was concluded in April 2010. The freeholder’s costs were kept to an absolute minimum.

Hedge End case:

Last August we were phoned by Mr and Mrs. J Walker , who completed a basement flat in Hedge End in October 2008. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by an additional years. Similar homes in Hedge End with 100 year plus lease were in the region of £166,400. The average amount of ground rent was £60 billed yearly. The lease came to a finish on 9 November 2080. Given that there were 54 years outstanding we estimated the compensation to the landlord to extend the lease to be between £32,300 and £37,400 not including expenses.

Hedge End case:

Last Christmas we were e-mailed by Mrs Kirsty Stewart , who purchased a one bedroom flat in Hedge End in February 2011. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar properties in Hedge End with 100 year plus lease were valued around £227,800. The mid-range ground rent payable was £45 collected every twelve months. The lease terminated on 6 October 2091. Having 65 years left we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of legals.