Main reasons to commence your Hurst lease extension

Main reasons to start your Hurst lease extension today:

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

The value of Hurst leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase substantially once the unexpired lease term is less than eighty years

An extended lease is almost the same value as a freehold

Leasehold properties in Hurst with more than one hundred years unexpired 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 property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions will not finance a property with a short lease

Lenders are really restricting their approach as regards to homes in Hurst with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

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

Lease extensions in Hurst can be a difficult process. We recommend you get guidance from a conveyancer and valuer with experience in this area.

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 in-depth market knowledge dealing with Hurst lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hurst Lease Extension Example Cases:

Luke, Hurst, Greater Manchester,

Luke was the the leasehold proprietor of a studio apartment in Hurst being marketed with a lease of just over 72 years remaining. Luke on an informal basis contacted his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Luke to exercise his statutory right. Luke procured expert legal guidance and secured satisfactory resolution informally and sell the property.

Hurst case:

Mrs F Sánchez purchased a basement apartment in Hurst in August 2006. The question was if we could shed any light on how much (roughly) price would likely be to prolong the lease by an additional years. Similar flats in Hurst with an extended lease were in the region of £210,000. The average amount of ground rent was £50 billed per annum. The lease lapsed on 25 October 2106. Given that there were 80 years outstanding we approximated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of expenses.

Hurst case:

Last Autumn we were e-mailed by Mr and Mrs. C Rivera , who owned a purpose-built apartment in Hurst in February 2001. The question was if we could estimate the price would likely be to extend the lease by a further 90 years. Comparable flats in Hurst with an extended lease were in the region of £280,000. The average ground rent payable was £45 invoiced every twelve months. The lease concluded in 2095. Considering the 69 years remaining we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.