Why you should start your Highbridge lease extension

Main reasons to commence your Highbridge lease extension today:

Increase your lease and increase your Highbridge property value

Unfortunately that a Highbridge residential lease is a deteriorating asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Highbridge property market.Where your lease has approximately 90 years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be due. Most flat owners in Highbridge will be able to extend under the legislation; however a lawyer will be able to confirm if you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer throughout the process.

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

It is generally considered that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Mortgage lenders may not lend on a short lease

Mortgage lenders have set criteria when loaning funds secured on leasehold homes. Many will simply refrain from lending at all once the remaining lease term goes below a specified unexpired lease term. Many Mortgage lenders will not consider property with an unexpired term of less than 75 years as adequate security. As well as impacting your ability to sell, it is also relevant if you are wanting to remortgage your Highbridge home.

Why use us for your lease extension in Highbridge?

Regardless of whether you are a tenant or a landlord in Highbridge,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Highbridge valuers.

Highbridge Lease Extension Example Cases:

Katherine, Highbridge, Somerset,

In the wake of eight months of protracted discussions with the landlord of her studio apartment in Highbridge, Katherine commenced the lease extension process just as her lease was approaching the all-important eighty-year mark. The lease extension was finalised in May 2009. The freeholder’s charges were kept to an absolute minimum.

Highbridge case:

In 2014 we were contacted by Ms Stephanie Wright who, having purchased a studio flat in Highbridge in November 2000. The dilemma was if we could estimate the premium would likely be to extend the lease by ninety years. Comparative residencies in Highbridge with 100 year plus lease were in the region of £280,000. The average amount of ground rent was £45 billed yearly. The lease expired on 4 January 2096. Given that there were 70 years outstanding we calculated the compensation to the freeholder for the lease extension to be within £12,400 and £14,200 plus expenses.

Highbridge case:

Last month we were phoned by Mr Henry Parker , who completed a first floor flat in Highbridge in November 2005. The dilemma was if we could estimate the price would be for a 90 year extension to my lease. Comparative residencies in Highbridge with 100 year plus lease were in the region of £218,400. The average ground rent payable was £60 billed annually. The lease concluded in 2085. Given that there were 59 years remaining we calculated the premium to the freeholder for the lease extension to be between £27,600 and £31,800 exclusive of professional charges.