Main reasons to commence your Hucknall lease extension

Why you should start your Hucknall lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Hucknall. Clearly, the period of lease remaining shortens over time. This is often overlooked and only raises itself as an issue when the property needs to be sold or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Hucknall have the right to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give due consideration before putting off your Hucknall lease extension. Putting off the cost now only increases the price you will eventually have to pay to extend your lease

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

It is generally accepted that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not grant a mortgage with a short lease

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

Using our service gives you increased control over the value of your Hucknall leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hucknall Lease Extension Example Cases:

Rachel, Hucknall, Nottinghamshire,

Trailing protracted correspondence with the freeholder of her one bedroom flat in Hucknall, Rachel initiated the lease extension process just as her lease was approaching the crucial eighty-year mark. The transaction was finalised in March 2005. The freeholder’s charges were negotiated to below 500 GBP.

Hucknall case:

Mr and Mrs. N Williams bought a purpose-built flat in Hucknall in June 1997. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparative residencies in Hucknall with a long lease were worth £257,800. The mid-range amount of ground rent was £65 billed quarterly. The lease ran out on 3 June 2091. Given that there were 65 years unexpired we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 not including expenses.

Hucknall case:

In 2014 we were phoned by Ms Millie Martinez who, having acquired a first floor apartment in Hucknall in November 1998. We are asked if we could approximate the price would likely be for a 90 year lease extension. Comparative properties in Hucknall with 100 year plus lease were in the region of £191,400. The mid-range ground rent payable was £55 invoiced yearly. The lease expired on 21 November 2080. Having 54 years as a residual term we approximated the premium to the landlord for the lease extension to be within £34,200 and £39,600 not including expenses.