Main reasons to start your Hythe lease extension

Main reasons to commence your Hythe lease extension today:

A Hythe leasehold property depreciates with the years remaining on the lease.

Hythe residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

Hythe property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to lend with a short lease

Many banks and building societies will not grant a mortgage on a lease with under 70 years left to run - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Hythe property being difficult to sell or to obtain finance on.

Why use us for your lease extension in Hythe?

Irrespective of whether you are a tenant or a landlord in Hythe,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 in-depth market knowledge and the close ties they enjoy with Hythe valuers.

Hythe Lease Extension Example Cases:

Gemma, Hythe, Kent,

Following lengthy discussions with the landlord of her leasehold flat in Hythe, Gemma commenced the lease extension process as the eighty year threshold was rapidly coming. The transaction was finalised in May 2010. The landlord’s costs were negotiated to less than 500 pounds.

Hythe case:

In 2011 we were called by Dr Tommy Pérez who, having bought a studio flat in Hythe in January 2001. The question was if we could shed any light on how much (approximately) premium would likely be for a ninety year lease extension. Identical homes in Hythe with an extended lease were worth £280,000. The average amount of ground rent was £45 billed per annum. The lease ended on 12 April 2096. Having 70 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus costs.

Hythe case:

In 2013 we were contacted by Dr S André who, having acquired a purpose-built apartment in Hythe in January 2005. We are asked if we could approximate the premium could be to prolong the lease by ninety years. Comparative residencies in Hythe with a long lease were valued around £223,400. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease finished on 27 January 2085. Considering the 59 years unexpired we approximated the compensation to the landlord for the lease extension to be between £27,600 and £31,800 plus expenses.