Top reasons for Midhurst lease extension

Main reasons to start your Midhurst lease extension today:

Increase your lease and increase your Midhurst property value

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

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

Leasehold properties in Midhurst with more than 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not loan monies on a short lease

The trend since 2008 has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be charged. This has resulted in the unexpired lease term required by lenders has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Midhurst?

Regardless of whether you are a tenant or a freeholder in Midhurst,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Midhurst valuers.

Midhurst Lease Extension Case Summaries:

Teddy, Midhurst, West Sussex,

Teddy owned a high value apartment in Midhurst being sold with a lease of fraction over fifty eight years remaining. Teddy on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Teddy to invoke his statutory right. Teddy procured expert advice and secured satisfactory deal without going to tribunal and readily saleable.

Midhurst case:

Last Christmas we were phoned by Mrs I Sharif , who bought a basement apartment in Midhurst in July 1995. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Comparative homes in Midhurst with an extended lease were worth £181,600. The mid-range ground rent payable was £55 invoiced yearly. The lease end date was on 23 May 2078. Considering the 52 years left we calculated the compensation to the landlord for the lease extension to be within £30,400 and £35,200 exclusive of expenses.

Midhurst case:

Mr and Mrs. E Bertrand was assigned a lease of a studio flat in Midhurst in January 1997. The dilemma was if we could shed any light on how much (roughly) price would be to extend the lease by 90 years. Similar homes in Midhurst with an extended lease were valued about £290,000. The average ground rent payable was £45 billed annually. The lease came to a finish on 19 April 2098. Considering the 72 years outstanding we approximated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 plus expenses.