The market value of Hurstpierpoint 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 80 years
Leasehold properties in Hurstpierpoint with more than one hundred years remaining on the lease are often regarded as a ‘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 to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| Skipton Building Society |
Lease extensions in Hurstpierpoint can be a difficult process. We recommend you secure guidance from a conveyancer 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 Hurstpierpoint lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
In the wake of 9 months of protracted correspondence with the landlord of her leasehold flat in Hurstpierpoint, Charlotte initiated the lease extension process just as her lease was approaching the critical eighty-year deadline. The legal work was finalised in August 2005. The freeholder’s costs were negotiated to below 700 pounds.
Mr and Mrs. S Bailey purchased a ground floor flat in Hurstpierpoint in April 2006. The question was if we could shed any light on how much (roughly) compensation to the landlord would be for a ninety year extension to my lease. Comparable flats in Hurstpierpoint with an extended lease were in the region of £295,000. The average amount of ground rent was £50 invoiced per annum. The lease ended in 2101. Taking into account 75 years remaining we approximated the premium to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.
Last Autumn we were e-mailed by Ms Abigail Martinez , who bought a basement flat in Hurstpierpoint in March 2001. We are asked if we could shed any light on how much (approximately) price could be to extend the lease by ninety years. Comparable residencies in Hurstpierpoint with an extended lease were valued around £250,400. The average ground rent payable was £65 invoiced quarterly. The lease came to a finish on 19 April 2090. Having 64 years left we calculated the compensation to the freeholder for the lease extension to be between £19,000 and £22,000 plus fees.