Stop! Your Lease Extension in Hemel Hempstead Could Be FREE

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Many leaseholders in Hemel Hempstead are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hemel Hempstead has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Hemel Hempstead lease extension

Main reasons to commence your Hemel Hempstead lease extension today:

Increase your lease and increase your Hemel Hempstead property value

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

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the residence will be worth the same as a freehold for decades to come.

Lending institutions may decide not to issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be aware that it is likely that someone wanting to buy your property in the future might well do, so if they are unable to get a mortgage, then the value of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 75 years plus the term of the mortgage at the outset of the mortgage.

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

Irrespective of whether you are a tenant or a freeholder in Hemel Hempstead,the lease extension solicitors 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 Hemel Hempstead valuers.

Hemel Hempstead Lease Extension Example Cases:

Kate, Hemel Hempstead, Hertfordshire,

Following lengthy correspondence with the landlord of her studio apartment in Hemel Hempstead, Kate commenced the lease extension process just as the lease was coming close to the crucial 80-year mark. The lease extension was finalised in May 2010. The landlord’s charges were negotiated to less than 550 GBP.

Hemel Hempstead case:

Mrs Isobel Reed bought a purpose-built flat in Hemel Hempstead in August 1996. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar properties in Hemel Hempstead with 100 year plus lease were in the region of £200,800. The average ground rent payable was £65 collected every twelve months. The lease ended in 2086. Given that there were 60 years unexpired we approximated the premium to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of fees.

Hemel Hempstead case:

Last year we were approach by Dr Seth Allen , who took over the lease of a first floor flat in Hemel Hempstead in May 2000. We are asked if we could estimate the price would likely be to extend the lease by 90 years. Identical homes in Hemel Hempstead with an extended lease were in the region of £255,000. The average ground rent payable was £50 invoiced every twelve months. The lease lapsed in 2097. Given that there were 71 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus costs.