Why you should commence your Hurst lease extension

Why you should start your Hurst lease extension today:

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

Hurst leases on residential deteriorating in value. if your lease has about 90 years remaining, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then be required to pay half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Hurst will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some circumstances you may not qualify. There are also strict timetables and procedures to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.

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

Leasehold properties in Hurst with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lending institutions will not grant a mortgage with a short lease

Most banks have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as inadequate for lending purposes.

What makes us experts in Hurst lease extensions?

Lease extensions in Hurst can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 procuring 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 Case Summaries:

Rory, Hurst, Greater Manchester

In 2014 Rory, came seriously close to the 80-year mark with the lease on his two bedroom apartment in Hurst. Having bought his flat 19 years previously, the length of the lease was of minimal bearing. by good luck, he became aware that he would imminently be paying an inflated amount for Extending the lease. Rory extended the lease just ahead of time last July. Rory and the freeholder subsequently agreed on the final figure of £5,500 . If the lease had gone to less than eighty years, the price would have increased by a minimum £850.

Hurst case:

In 2009 we were phoned by Dr E Evans who, having moved into a one bedroom flat in Hurst in August 2002. We are asked if we could shed any light on how much (roughly) premium could be to extend the lease by 90 years. Identical premises in Hurst with a long lease were worth £250,400. The average ground rent payable was £65 collected per annum. The lease expiry date was in 2090. Having 64 years outstanding we estimated the compensation to the landlord to extend the lease to be within £19,000 and £22,000 not including legals.

Hurst case:

Mrs Emily Murphy bought a basement flat in Hurst 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 extension to my lease. Comparative properties in Hurst with an extended lease were valued around £189,000. The mid-range amount of ground rent was £55 billed per annum. The lease finished in 2079. Considering the 53 years left we estimated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of costs.