Why you should start your Henfield lease extension

Top reasons for lease extension now:

A Henfield lease depreciates with the years remaining on the lease.

Henfield leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Henfield residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Henfield you should check if your lease has between 70 and ninety years remaining. There are good reasons why a Henfield leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not grant a mortgage with a short lease

Lenders are really clamping down as regards to properties in Henfield with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus restricting the number of potential purchasers.

What makes us experts in Henfield lease extensions?

Using our service gives you increased control over the value of your Henfield leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Henfield Lease Extension Example Cases:

Logan, Henfield, West Sussex,

Logan was the the leasehold proprietor of a studio apartment in Henfield on the market with a lease of just over 61 years unexpired. Logan informally contacted his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 yearly. No ground rent would be payable on a lease extension were Logan to exercise his statutory right. Logan obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Henfield case:

In 2009 we were contacted by Ms Alisha Martinez who, having bought a purpose-built flat in Henfield in July 2007. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Similar flats in Henfield with an extended lease were in the region of £295,000. The average amount of ground rent was £45 collected monthly. The lease came to a finish in 2101. Considering the 75 years remaining we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 not including expenses.

Henfield case:

In 2010 we were approached by Mr and Mrs. J Lewis who, having moved into a first floor flat in Henfield in February 1999. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year extension to my lease. Similar flats in Henfield with a long lease were valued around £250,400. The mid-range ground rent payable was £65 collected per annum. The lease expired in 2090. Having 64 years remaining we estimated the compensation to the landlord to extend the lease to be between £19,000 and £22,000 plus fees.