Top reasons for Haddenham lease extension

Main reasons to commence your Haddenham lease extension today:

Increase your lease and increase your Haddenham property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will ordinarily be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Haddenham. Inevitably, the term of lease left reduces over time. This is often ignored and only becomes a problem when the flat or house needs to be sold or refinanced. 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 Haddenham have the legal entitlement to extend the lease for a further 90 years under statute. Do give due consideration before putting off your Haddenham lease extension. Holding off the cost now likely increases the price you will eventually incur for a lease extension

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lenders may decide not to lend with a short lease

Almost all mortgage companies will not lend on a lease with less than seventy years remaining - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this will result in your Haddenham property becoming difficult to dispose of or refinance.

Why use us for your lease extension in Haddenham?

Using our service will provide you enhanced control over the value of your Haddenham leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Haddenham Lease Extension Case Studies:

Amelia, Haddenham, Buckinghamshire,

After protracted discussions with the freeholder of her basement flat in Haddenham, Amelia commenced the lease extension process as the eighty year threshold was quickly approaching. The transaction was concluded in November 2015. The freeholder’s fees were restricted to slightly above 550 pounds.

Haddenham case:

Ms Grace Miller owned a basement apartment in Haddenham in August 1997. We are asked if we could estimate the premium would likely be for a ninety year lease extension. Comparable properties in Haddenham with an extended lease were valued about £295,000. The mid-range ground rent payable was £45 collected yearly. The lease concluded in 2100. Given that there were 74 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £8,600 and £9,800 exclusive of fees.

Haddenham case:

Dr Alexandra Ward purchased a one bedroom apartment in Haddenham in April 1995. We are asked if we could approximate the compensation to the landlord could be for a ninety year lease extension. Similar flats in Haddenham with an extended lease were in the region of £243,000. The average ground rent payable was £65 collected every twelve months. The lease lapsed in 2089. Having 63 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £20,000 and £23,000 exclusive of expenses.