Main reasons to commence your Hurst lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hurst property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Hurst. Inevitably, the period of lease left reduces as time goes by. This may pass by relatively unnoticed when the residence needs to be disposed of or refinanced. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Qualifying long lease owners in Hurst have the legal entitlement to extend the lease for an additional ninety years under the 1993 Leasehold Reform Act. Do give due consideration before delaying your Hurst lease extension. Putting off the cost now simply increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders may decide not to grant a mortgage with a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to get nervous at around 75 years. This will cause difficulties as and when you need to sell or refinance your flat as it will be practically unmortgageable. Even though you may have no imminent plan to sell but when you do your purchaser must hold off for two years before being able to exercise the right to a an extension to the lease.

What makes us experts in Hurst lease extensions?

Regardless of whether you are a tenant or a landlord in Hurst,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hurst valuers.

Hurst Lease Extension Example Cases:

Naomi, Hurst, Greater Manchester,

After protracted correspondence with the landlord of her one bedroom apartment in Hurst, Naomi commenced the lease extension process just as her lease was approaching the crucial eighty-year deadline. The legal work was finalised in July 2007. The freeholder’s costs were kept to an absolute minimum.

Hurst case:

Last Autumn we were e-mailed by Dr Jack Khan , who completed a one bedroom apartment in Hurst in January 2006. The dilemma was if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparable flats in Hurst with 100 year plus lease were worth £300,000. The average amount of ground rent was £50 invoiced monthly. The lease ended on 28 July 2102. Considering the 76 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.

Hurst case:

Last month we were contacted by Mr L Thomas , who took over the lease of a first floor apartment in Hurst in September 1995. The dilemma was if we could approximate the price would be for a 90 year extension to my lease. Identical properties in Hurst with an extended lease were worth £257,800. The average amount of ground rent was £65 collected annually. The lease elapsed in 2091. Having 65 years unexpired we estimated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 exclusive of fees.