Top reasons for Hoyland lease extension

Why you should commence your Hoyland lease extension today:

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

Hoyland residential property owned on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

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

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

Lending institutions will not loan monies on a short lease

Many mortgage companies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will no doubt find it difficult in obtaining a mortgage and this could result in your Hoyland property becoming difficult to dispose of or remortgage.

What makes us experts in Hoyland lease extensions?

The conveyancing solicitors that we work with procure Hoyland lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Hoyland Lease Extension Case Studies:

Alex, Hoyland, South Yorkshire

Last Winter Alex, started to get close to the 80-year threshold with the lease on his leasehold apartment in Hoyland. In buying his property 19 years previously, the length of the lease was of no importance. by good luck, he realised he would imminently be paying an inflated amount for a lease extension. Alex arranged for a lease extension just under the wire last April. Alex and the landlord ultimately settled on a premium of £6,000 . If the lease had gone lower than 80 years, the amount would have escalated by a minimum £950.

Hoyland case:

Last month we were phoned by Mr D Bell , who purchased a basement flat in Hoyland in March 2009. The question was if we could approximate the price would be for a 90 year extension to my lease. Identical homes in Hoyland with a long lease were in the region of £260,000. The average ground rent payable was £50 billed monthly. The lease lapsed in 2099. Having 73 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.

Hoyland case:

Last Spring we were phoned by Dr A James , who purchased a recently refurbished flat in Hoyland in March 2002. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar properties in Hoyland with 100 year plus lease were in the region of £264,000. The mid-range ground rent payable was £60 invoiced every twelve months. The lease finished on 26 October 2079. Taking into account 53 years unexpired we estimated the compensation to the landlord to extend the lease to be within £37,100 and £42,800 exclusive of fees.