Top reasons for Hemel Hempstead lease extension

Top reasons for lease extension now:

A Hemel Hempstead leasehold property depreciates with the years remaining on the lease.

Hemel Hempstead leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Hemel Hempstead residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hemel Hempstead you should check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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

It is generally considered that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies will not grant a mortgage with a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold property. Some will simply not lend at all once an unexpired lease term drops below a certain unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are seeking to remortgage your Hemel Hempstead home.

What makes us experts in Hemel Hempstead lease extensions?

Using our service gives you increased control over the value of your Hemel Hempstead leasehold, as your property will be more valuable and saleable in respect 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.

Hemel Hempstead Lease Extension Example Cases:

Joshua, Hemel Hempstead, Hertfordshire

Last October Joshua, started to get close to the eighty-year mark with the lease on his ground floor flat in Hemel Hempstead. Having purchased his flat 19 years ago, the lease term was of no importance. As luck would have it, he recognised he needed to take action soon on Extending the lease. Joshua arranged for a lease extension just under the wire in April. Joshua and the freeholder in the end agreed on a premium of £5,500 . If he not met the deadline, the premium would have gone up by at least £950.

Hemel Hempstead case:

Last Autumn we were e-mailed by Mrs Freya Gray , who bought a recently refurbished apartment in Hemel Hempstead in June 2011. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative flats in Hemel Hempstead with 100 year plus lease were worth £168,800. The average amount of ground rent was £60 billed monthly. The lease came to a finish on 23 April 2081. Considering the 55 years remaining we estimated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of expenses.

Hemel Hempstead case:

Mr and Mrs. W Bertrand bought a ground floor flat in Hemel Hempstead in November 2006. We are asked if we could shed any light on how much (roughly) premium would likely be to extend the lease by an additional years. Comparable properties in Hemel Hempstead with an extended lease were worth £235,200. The average amount of ground rent was £45 billed monthly. The lease expired on 9 September 2092. Having 66 years left we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of legals.