Top reasons for North Hykeham lease extension

Main reasons to commence your North Hykeham lease extension today:

Increase your lease and increase your North Hykeham property value

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in North Hykeham. Clearly, the length of lease remaining reduces over time. This may pass by relatively unnoticed when the property needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to extend the lease. Qualifying long lease owners in North Hykeham have the legal entitlement to extend the lease for an additional 90 years in accordance with statute. You should give due consideration before putting off your North Hykeham lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease

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

Leasehold properties in North Hykeham with over one hundred years unexpired 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 service charges merit it.

Banks and Building Societies may not loan monies on a short lease

The trend since the credit crunch has been for banks to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by banks has increased. Historically mortgage companies would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in North Hykeham lease extensions?

The lawyers that we work with handle North Hykeham 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.

North Hykeham Lease Extension Example Cases:

Harriet, North Hykeham, Lincolnshire,

In the wake of 9 months of protracted correspondence with the freeholder of her basement apartment in North Hykeham, Harriet commenced the lease extension process as the 80 year mark was quickly approaching. The transaction was concluded in October 2007. The freeholder’s fees were kept to an absolute minimum.

North Hykeham case:

In 2009 we were phoned by Mr N Lefebvre who, having completed a purpose-built apartment in North Hykeham in May 2004. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a ninety year extension to my lease. Comparable homes in North Hykeham with a long lease were valued around £300,000. The average ground rent payable was £50 invoiced per annum. The lease terminated in 2102. Given that there were 76 years left we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.

North Hykeham case:

In 2014 we were phoned by Mr and Mrs. R Cooper who, having completed a one bedroom flat in North Hykeham in November 1995. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Comparative premises in North Hykeham with a long lease were in the region of £257,800. The average amount of ground rent was £65 invoiced monthly. The lease finished in 2091. Given that there were 65 years remaining we estimated the compensation to the freeholder for the lease extension to be within £17,100 and £19,800 not including fees.