Why you should start your Much Hadham lease extension

Main reasons to start your Much Hadham lease extension today:

A Much Hadham leasehold property depreciates with the years remaining on the lease.

When it comes to long leasehold property in Much Hadham, you are actually purchasing a right to reside in a property for a set period of time. Modern flat leases typically tend to be for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly especially once there are less than eighty years left. Anyone in Much Hadham with a lease nearing 81 years left should seriously consider extending it sooner than later. When a lease has under eighty years left, under the current Act the freeholder can calculate and charge a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies may not grant a mortgage on a short lease

Lenders are really restricting their approach as regards to homes in Much Hadham with short leases. For example you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing the amount of prospective buyers.

Why use us for your lease extension in Much Hadham?

Using our service will provide you increased control over the value of your Much Hadham leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Much Hadham Lease Extension Case Summaries:

Jayden, Much Hadham, Hertfordshire,

Jayden was the the leasehold owner of a conversion flat in Much Hadham on the market with a lease of fraction over 61 years unexpired. Jayden on an informal basis approached his landlord a well known local-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £150 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Jayden to invoke his statutory right. Jayden procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.

Much Hadham case:

Mr and Mrs. Y Gómez was assigned a lease of a studio flat in Much Hadham in August 1995. The dilemma was if we could estimate the price would be for a 90 year lease extension. Comparative residencies in Much Hadham with an extended lease were in the region of £216,000. The mid-range amount of ground rent was £60 invoiced yearly. The lease ended on 16 June 2084. Taking into account 58 years left we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of legals.

Much Hadham case:

Last March we were contacted by Dr B Bertrand , who bought a ground floor apartment in Much Hadham in November 2004. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year lease extension. Similar properties in Much Hadham with a long lease were worth £205,000. The average amount of ground rent was £50 billed yearly. The lease terminated on 16 July 2104. Having 78 years left we estimated the premium to the freeholder to extend the lease to be within £7,600 and £8,800 not including legals.