Main reasons to commence your Haddenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Haddenham property value

Haddenham residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a period of years.

Haddenham property with a lease extension is almost the same value as a freehold

Leasehold premises in Haddenham with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to get concerned at around 75 years. This may be problematic when you come to dispose of or remortgage your flat as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer will need to hold off for a couple of years before being able to exercise the right to a a lease extension.

Why use us for your lease extension in Haddenham?

Irrespective of whether you are a tenant or a freeholder in Haddenham,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Haddenham valuers.

Haddenham Lease Extension Case Studies:

Natalie, Haddenham, Buckinghamshire,

Subsequent to protracted negotiations with the landlord of her two bedroom apartment in Haddenham, Natalie initiated the lease extension process as the 80 year deadline was swiftly nearing. The legal work was finalised in May 2013. The freeholder’s charges were kept to an absolute minimum.

Haddenham case:

Last June we were called by Mr and Mrs. R Brooks , who bought a newly refurbished apartment in Haddenham in March 2005. The question was if we could estimate the premium could be for a 90 year extension to my lease. Comparable homes in Haddenham with an extended lease were worth £191,400. The mid-range amount of ground rent was £55 invoiced per annum. The lease expired in 2080. Given that there were 54 years unexpired we estimated the compensation to the landlord for the lease extension to be within £34,200 and £39,600 exclusive of expenses.

Haddenham case:

Ms Isobel Mitchell acquired a first floor apartment in Haddenham in July 2005. The question was if we could estimate the price would likely be to extend the lease by ninety years. Similar homes in Haddenham with an extended lease were in the region of £295,000. The average ground rent payable was £45 invoiced monthly. The lease came to a finish on 5 February 2100. Having 74 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.