Top reasons for Little Hampton lease extension

Main reasons to commence your Little Hampton lease extension today:

Increase your lease and increase your Little Hampton property value

Little Hampton leases on domestic deteriorating in value. if your lease has approximately 90 years remaining, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease drops below this level then you begin paying an additional element called marriage value. Flat owners in Little Hampton will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to confirm if you qualify. In some situations you may not be entitled. There are prescribed timetables and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to loan monies on a short lease

The propensity since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by lenders has increased. In the past mortgage companies were content with twenty years plus the term of the loan - typically fifty year leases but those requirements have been chipped away by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Little Hampton lease extensions?

Lease extensions in Little Hampton can be a difficult process. We recommend you get 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 a wealth of experience dealing with Little Hampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Little Hampton Lease Extension Example Cases:

Lauren, Little Hampton, Worcestershire,

After unsuccessful correspondence with the freeholder of her first floor apartment in Little Hampton, Lauren initiated the lease extension process just as the lease was approaching the crucial 80-year mark. The legal work was finalised in January 2015. The landlord’s fees were kept to an absolute minimum.

Little Hampton case:

In 2013 we were called by Dr Charlotte Watson who, having purchased a garden flat in Little Hampton in November 2000. We are asked if we could estimate the price would likely be to extend the lease by ninety years. Comparable residencies in Little Hampton with a long lease were worth £191,000. The average ground rent payable was £65 invoiced monthly. The lease ran out on 24 May 2084. Having 58 years remaining we calculated the premium to the landlord to extend the lease to be between £23,800 and £27,400 not including fees.

Little Hampton case:

Last Winter we were approach by Mr and Mrs. W Mitchell , who was assigned a lease of a one bedroom apartment in Little Hampton in September 2004. We are asked if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Similar premises in Little Hampton with 100 year plus lease were worth £250,000. The average ground rent payable was £50 billed every twelve months. The lease ran out in 2095. Considering the 69 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of professional charges.