Why you should start your Thorpe Hesley lease extension

Top reasons for lease extension now:

Increase your lease and increase your Thorpe Hesley property value

For anyone whose Thorpe Hesley property is held on a long lease, the message is clear – if you do nothing, your property will eventually revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease.

Thorpe Hesley property with a lease extension has roughly the same value as a freehold

Leasehold properties in Thorpe Hesley with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may not grant a mortgage on a short lease

Lenders are really clamping down as regards to homes in Thorpe Hesley with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus restricting the number of potential purchasers.

What makes us experts in Thorpe Hesley lease extensions?

Irrespective of whether you are a tenant or a freeholder in Thorpe Hesley,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 Thorpe Hesley valuers.

Thorpe Hesley Lease Extension Case Studies:

Grace, Thorpe Hesley, South Yorkshire,

Subsequent to unsuccessful discussions with the landlord of her leasehold flat in Thorpe Hesley, Grace commenced the lease extension process just as her lease was nearing the all-important eighty-year mark. The legal work was finalised in March 2012. The landlord’s fees were negotiated to less than 450 GBP.

Thorpe Hesley case:

In 2013 we were called by Dr Chantelle Cox who, having moved into a recently refurbished apartment in Thorpe Hesley in January 2011. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar residencies in Thorpe Hesley with an extended lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected monthly. The lease lapsed in 2094. Taking into account 68 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.

Thorpe Hesley case:

Mr and Mrs. G Phillips purchased a one bedroom flat in Thorpe Hesley in March 2007. The dilemma was if we could approximate the price could be for a 90 year extension to my lease. Identical flats in Thorpe Hesley with 100 year plus lease were valued around £285,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease concluded on 17 May 2105. Having 79 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 plus expenses.