Main reasons to commence your Liphook lease extension

Main reasons to start your Liphook lease extension today:

Increase your lease and increase your Liphook property value

Liphook leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Liphook residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Liphook you should check if your lease has between 70 and 90 years remaining. There are good reasons why a Liphook leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is put in place without delay

Liphook property with a lease extension has roughly the same value as a freehold

Leasehold premises in Liphook with more than 100 years remaining on the lease are sometimes referred to as ‘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 purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to loan monies with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be inadequate security.

Why use us for your lease extension in Liphook?

The lawyers that we work with handle Liphook lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Liphook Lease Extension Example Cases:

Owen, Liphook, Hampshire,

Owen owned a studio flat in Liphook being marketed with a lease of a little over 61 years outstanding. Owen on an informal basis approached his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be payable on a lease extension were Owen to exercise his statutory right. Owen obtained expert legal guidance and secured an acceptable deal informally and sell the property.

Liphook case:

Mr and Mrs. F Brooks completed a studio flat in Liphook in May 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar flats in Liphook with 100 year plus lease were in the region of £267,600. The mid-range ground rent payable was £65 invoiced quarterly. The lease end date was on 1 July 2093. Considering the 67 years left we approximated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of legals.

Liphook case:

Mr W Fournier was assigned a lease of a one bedroom apartment in Liphook in October 1996. The dilemma was if we could estimate the compensation to the landlord would likely be for a 90 year lease extension. Comparable properties in Liphook with a long lease were worth £206,200. The average ground rent payable was £55 billed per annum. The lease elapsed in 2082. Having 56 years left we calculated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus expenses.