Highcliffe Lease Extension - Free Consultation

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Main reasons to commence your Highcliffe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Highcliffe property value

Unfortunately that a Highcliffe residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Highcliffe property market.Where your lease has approximately ninety years left, you should start considering 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 slips under eighty years - otherwise a higher premium will be due. Most leasehold owners in Highcliffe will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

Highcliffe property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Lenders may not issue a mortgage with a short lease

Banks and building societies will not lend on short residential leases. You most probably encounter difficulties if you want to sell your flat in Highcliffe if the unexpired term of your lease is under the criteria set by the majority of mortgage companies. Different mortgage companies have varying requirements but on the whole they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.

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

Regardless of whether you are a tenant or a freeholder in Highcliffe,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 experience and the close ties they enjoy with Highcliffe valuers.

Highcliffe Lease Extension Case Studies:

Caleb, Highcliffe, Dorset

Last year Caleb, started to get close to the eighty-year mark with the lease on his purpose- built flat in Highcliffe. Having bought his home twenty years ago, the unexpired term was of minimal relevance. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Caleb extended the lease just ahead of time in January. Caleb and the landlord eventually agreed on the final figure of £5,500 . If the lease had gone to less than 80 years, the price would have increased by a minimum £1,150.

Highcliffe case:

Mr and Mrs. W Allen took over the lease of a garden apartment in Highcliffe in November 1998. We are asked if we could shed any light on how much (approximately) price would likely be for a 90 year lease extension. Identical homes in Highcliffe with 100 year plus lease were in the region of £225,400. The mid-range ground rent payable was £45 invoiced per annum. The lease came to a finish on 18 July 2086. Given that there were 64 years unexpired we approximated the premium to the freeholder to extend the lease to be within £16,200 and £18,600 exclusive of professional charges.

Highcliffe case:

Last month we were contacted by Mr and Mrs. P Jackson , who took over the lease of a recently refurbished apartment in Highcliffe in October 2012. We are asked if we could approximate the price would be to prolong the lease by ninety years. Comparative flats in Highcliffe with a long lease were valued about £270,000. The mid-range ground rent payable was £55 billed annually. The lease ran out on 1 March 2097. Considering the 75 years remaining we estimated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.