Main reasons to commence your Hurst Green lease extension

Main reasons to commence your Hurst Green lease extension today:

Increase your lease and increase your Hurst Green property value

For those whose Hurst Green flat is held on a long lease, the message is clear – if you ignore the situation, your property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more expensive it will be to procure a lease extension.

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

Leasehold residencies in Hurst Green with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may not loan monies on a short lease

Lenders do not like short residential leases. You are likely to encounter problems where you need to sell your flat in Hurst Green if the remaining term of your lease is below the criteria set by most mortgage companies. Different lenders have varying requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Hurst Green lease extensions?

The conveyancers that we work with undertake Hurst Green 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 conveyancing solicitor we work with provide it.

Hurst Green Lease Extension Case Summaries:

Charlotte, Hurst Green, East Sussex,

Trailing protracted correspondence with the landlord of her leasehold apartment in Hurst Green, Charlotte commenced the lease extension process as the 80 year mark was fast coming. The legal work was concluded in November 2009. The freeholder’s costs were kept to an absolute minimum.

Hurst Green case:

In 2010 we were phoned by Ms P King who, having took over the lease of a ground floor flat in Hurst Green in February 2003. We are asked if we could approximate the premium would likely be to extend the lease by ninety years. Comparative homes in Hurst Green with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 billed quarterly. The lease finished on 3 January 2078. Given that there were 52 years outstanding we estimated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of professional charges.

Hurst Green case:

Mr W Morris moved into a one bedroom apartment in Hurst Green in March 2003. The question was if we could estimate the price would likely be for a 90 year extension to my lease. Identical flats in Hurst Green with an extended lease were worth £290,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease came to a finish on 20 July 2098. Given that there were 72 years unexpired we approximated the premium to the landlord for the lease extension to be within £11,400 and £13,200 not including legals.