Main reasons to start your Pound Hill lease extension

Main reasons to commence your Pound Hill lease extension today:

Increase your lease and increase your Pound Hill property value

On the balance of probabilities if you own a flat in Pound Hill you actually own a long leasehold interest over your property

Pound Hill property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Pound Hill with more than one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not grant a mortgage with a short lease

Most mortgage lenders will be unwilling to lend on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this will result in your Pound Hill property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Pound Hill?

The conveyancing solicitors that we work with procure Pound Hill 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 conveyancing solicitor we work with provide it.

Pound Hill Lease Extension Case Summaries:

Samantha, Pound Hill, West Sussex,

After protracted discussions with the freeholder of her leasehold flat in Pound Hill, Samantha started the lease extension process just as the lease was coming close to the critical 80-year mark. The lease extension was finalised in March 2007. The freeholder’s charges were kept to an absolute minimum.

Pound Hill case:

Dr G Cox bought a basement apartment in Pound Hill in August 1998. The question was if we could approximate the price would likely be for a ninety year lease extension. Comparative flats in Pound Hill with an extended lease were worth £198,800. The mid-range ground rent payable was £55 collected every twelve months. The lease lapsed on 20 October 2081. Having 55 years left we estimated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of expenses.

Pound Hill case:

In 2012 we were contacted by Dr P Smith who, having purchased a first floor apartment in Pound Hill in October 1998. The dilemma was if we could estimate the price would be for a 90 year lease extension. Similar flats in Pound Hill with a long lease were worth £295,000. The mid-range ground rent payable was £45 billed per annum. The lease ended in 2101. Taking into account 75 years remaining we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus fees.