Top reasons for Higham Wood lease extension

Top reasons for lease extension now:

Increase your lease and increase your Higham Wood property value

Higham Wood leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Higham Wood enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Higham Wood you should investigate if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under eighty years, the amount payable for any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not grant a mortgage with a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term slips under a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Higham Wood property.

What makes us experts in Higham Wood lease extensions?

Retaining our service gives you increased control over the value of your Higham Wood leasehold, as your property will be more valuable and saleable in respect of lease length should you decide to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Higham Wood Lease Extension Example Cases:

Isobel, Higham Wood, Kent,

In the wake of 9 months of protracted discussions with the landlord of her studio flat in Higham Wood, Isobel commenced the lease extension process just as her lease was nearing the all-important 80-year deadline. The lease extension was finalised in March 2011. The freeholder’s charges were negotiated to a tad over 600 GBP.

Higham Wood case:

Last Autumn we were called by Mr and Mrs. J Vincent , who bought a studio flat in Higham Wood in July 1997. The question was if we could approximate the compensation to the landlord could be to prolong the lease by an additional years. Comparative homes in Higham Wood with a long lease were in the region of £265,000. The average ground rent payable was £50 invoiced quarterly. The lease concluded in 2099. Given that there were 73 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.

Higham Wood case:

In 2009 we were contacted by Ms Phoebe Leroy who, having was assigned a lease of a recently refurbished flat in Higham Wood in March 2007. The question was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Identical premises in Higham Wood with a long lease were in the region of £264,000. The mid-range ground rent payable was £60 billed annually. The lease ended on 22 August 2079. Having 53 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including fees.