Why you should commence your Long Hanborough lease extension

Main reasons to commence your Long Hanborough lease extension today:

Increase your lease and increase your Long Hanborough property value

The market value of Long Hanborough leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is below 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 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders may not grant a mortgage with a short lease

The trend since 2008 has been for lenders to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically banks would grant a mortgage on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Long Hanborough?

Regardless of whether you are a tenant or a landlord in Long Hanborough,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Long Hanborough valuers.

Long Hanborough Lease Extension Case Summaries:

Sebastian, Long Hanborough, Oxfordshire

Last October Sebastian, came perilously near to the eighty-year mark with the lease on his one bedroom flat in Long Hanborough. Having purchased his flat 19 years previously, the unexpired term was of no concern. As luck would have it, he noticed he needed to take steps soon on Extending the lease. Sebastian arranged for a lease extension just under the wire last March. Sebastian and the landlord eventually agreed on sum of £5,500 . If he not met the deadline, the amount would have gone up by at least £1,075.

Long Hanborough case:

Mrs Daisy André acquired a studio flat in Long Hanborough in June 2004. The dilemma was if we could approximate the price could be to extend the lease by an additional years. Comparative premises in Long Hanborough with 100 year plus lease were worth £260,200. The mid-range amount of ground rent was £65 collected quarterly. The lease concluded on 23 June 2092. Having 66 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £16,200 and £18,600 not including legals.

Long Hanborough case:

Mr and Mrs. E Khan acquired a first floor apartment in Long Hanborough in October 2001. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year extension to my lease. Similar premises in Long Hanborough with a long lease were in the region of £198,800. The average ground rent payable was £55 billed yearly. The lease finished in 2081. Taking into account 55 years left we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus legals.