Top reasons for Horsham lease extension

Main reasons to start your Horsham lease extension today:

Increase your lease and increase your Horsham property value

Unfortunately that a Horsham residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Horsham property prices.Where your lease has approximately 90 years left, you should 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 dips lower than eighty years - otherwise a higher premium will be payable. Most leasehold owners in Horsham will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the formalities.

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

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

Lenders may not grant a mortgage on a short lease

Nearly all mortgage companies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult to obtain a mortgage and this could result in your Horsham property being difficult to sell or refinance.

Why use us for your lease extension in Horsham?

Regardless of whether you are a tenant or a freeholder in Horsham,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Horsham valuers.

Horsham Lease Extension Case Studies:

Ryan, Horsham, West Sussex

Two years ago Ryan, started to get near to the eighty-year threshold with the lease on his one bedroom apartment in Horsham. In buying his home two decades ago, the unexpired term was of minimal bearing. As luck would have it, it dawned on him that he needed to take steps soon on a lease extension. Ryan was able to extend his lease just under the wire in January. Ryan and the landlord in the end settled on sum of £6,000 . If he failed to meet the deadline, the amount would have escalated by at least £1,125.

Horsham case:

In 2012 we were approached by Mr Toby Girard who, having took over the lease of a basement apartment in Horsham in September 2003. The dilemma was if we could approximate the premium could be to prolong the lease by ninety years. Identical homes in Horsham with an extended lease were in the region of £280,000. The average amount of ground rent was £55 billed per annum. The lease ran out in 2103. Given that there were 77 years remaining we calculated the premium to the freeholder to extend the lease to be within £13,300 and £15,400 exclusive of legals.

Horsham case:

In 2014 we were e-mailed by Dr Jade Stewart who, having acquired a first floor apartment in Horsham in March 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be to prolong the lease by a further 90 years. Similar premises in Horsham with an extended lease were in the region of £183,600. The average amount of ground rent was £65 collected quarterly. The lease came to a finish on 19 February 2083. Taking into account 57 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of costs.