There is no doubt about it a leasehold property in Hurstpierpoint is a wasting asset as a result of the diminishing lease term. If the lease has, over 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main logic behind why you should consider extending sooner than later. The majority of flat owners in Hurstpierpoint will qualify for this right; that being said a conveyancing solicitor can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Birmingham Midshires | |
| Godiva Mortgages | |
| Royal Bank of Scotland |
Engaging our service gives you increased control over the value of your Hurstpierpoint leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Jack was the the leasehold owner of a conversion apartment in Hurstpierpoint on the market with a lease of a little over 59 years unexpired. Jack on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Jack to exercise his statutory right. Jack obtained expert advice and was able to make a more informed judgement and handle with the matter and readily saleable.
Mrs Isabella Brown was assigned a lease of a garden apartment in Hurstpierpoint in November 2001. The dilemma was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar flats in Hurstpierpoint with a long lease were worth £243,000. The mid-range amount of ground rent was £65 billed every twelve months. The lease finished on 23 June 2089. Considering the 63 years unexpired we estimated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 not including fees.
Dr Jamie Girard completed a studio apartment in Hurstpierpoint in November 2004. We are asked if we could approximate the price could be to prolong the lease by an additional years. Similar premises in Hurstpierpoint with a long lease were worth £181,600. The average amount of ground rent was £55 billed quarterly. The lease expired in 2078. Given that there were 52 years as a residual term we estimated the premium to the landlord to extend the lease to be within £30,400 and £35,200 exclusive of expenses.