Why you should start your Hyde lease extension

Main reasons to commence your Hyde lease extension today:

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

The market value of Hyde leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense 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

It is generally accepted that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to issue a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to get concerned at around 75 years. This may be problematic once you need to dispose of or remortgage your property as it will be effectively unmortgageable. You may not have an imminent intention to sell but when you do your buyer must wait a couple of years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Hyde?

Lease extensions in Hyde can be a difficult process. We recommend you secure guidance from a lawyer and surveyor with experience in lease extensions.

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 Hyde lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hyde Lease Extension Case Summaries:

Rachael, Hyde, Greater Manchester,

Trailing unsuccessful negotiations with the landlord of her garden flat in Hyde, Rachael commenced the lease extension process just as the lease was approaching the all-important eighty-year threshold. The lease extension was concluded in November 2006. The freeholder’s costs were restricted to below 650 pounds.

Hyde case:

In 2009 we were e-mailed by Mr and Mrs. D Smith who, having completed a studio apartment in Hyde in January 2002. We are asked if we could shed any light on how much (roughly) price could be for a ninety year lease extension. Similar flats in Hyde with 100 year plus lease were valued around £225,800. The mid-range ground rent payable was £60 billed every twelve months. The lease ran out in 2086. Given that there were 60 years remaining we calculated the premium to the freeholder for the lease extension to be within £25,700 and £29,600 exclusive of costs.

Hyde case:

In 2009 we were e-mailed by Dr T Moreau who, having moved into a purpose-built apartment in Hyde in May 2000. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparative flats in Hyde with 100 year plus lease were worth £210,000. The average ground rent payable was £50 invoiced monthly. The lease termination date was on 9 June 2106. Given that there were 80 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 plus fees.