Why you should start your Hillsborough lease extension

Top reasons for lease extension now:

A Hillsborough leasehold property depreciates with the years remaining on the lease.

The market value of Hillsborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate substantially once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately 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.

Lenders may decide not to grant a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now expect flats to have at least sixty if not seventy years left once the mortgage has expired. As many flats in Hillsborough were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

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

Lease extensions in Hillsborough can be a difficult process. We recommend you secure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Hillsborough lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hillsborough Lease Extension Example Cases:

Sian, Hillsborough, South Yorkshire,

Trailing lengthy negotiations with the freeholder of her studio apartment in Hillsborough, Sian commenced the lease extension process as the 80 year threshold was rapidly advancing. The legal work was finalised in June 2015. The freeholder’s costs were negotiated to about 650 GBP.

Hillsborough case:

Mr Kian Bonnet owned a purpose-built flat in Hillsborough in August 2011. The dilemma was if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Comparable homes in Hillsborough with an extended lease were in the region of £275,000. The mid-range ground rent payable was £65 invoiced yearly. The lease elapsed in 2094. Considering the 68 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of costs.

Hillsborough case:

In 2009 we were contacted by Ms Louise Martinez who, having acquired a basement flat in Hillsborough in January 2011. The question was if we could estimate the premium could be to extend the lease by an additional years. Comparative residencies in Hillsborough with 100 year plus lease were worth £208,600. The average ground rent payable was £60 invoiced yearly. The lease ended on 17 January 2083. Considering the 57 years left we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of costs.