Top reasons for Hessle lease extension

Main reasons to commence your Hessle lease extension today:

Increase your lease and increase your Hessle property value

Chances are that if you own a flat in Hessle you actually own a long leasehold interest over your property

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

Leasehold premises in Hessle with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to grant a mortgage with a short lease

Lenders are really restricting their approach as regards to homes in Hessle with short leases. For example you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing your market.

Why use us for your lease extension in Hessle?

Retaining our service gives you better control over the value of your Hessle leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hessle Lease Extension Example Cases:

Rachel, Hessle, East Yorkshire,

Following unsuccessful negotiations with the landlord of her leasehold apartment in Hessle, Rachel initiated the lease extension process just as the lease was approaching the all-important 80-year mark. The transaction was finalised in February 2014. The landlord’s fees were negotiated to approximately 500 pounds.

Hessle case:

Last June we were phoned by Mr and Mrs. O Bernard , who completed a garden flat in Hessle in March 1995. The question was if we could approximate the price would likely be for a ninety year lease extension. Similar residencies in Hessle with 100 year plus lease were worth £205,000. The average ground rent payable was £50 invoiced monthly. The lease end date was in 2104. Given that there were 78 years left we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 not including expenses.

Hessle case:

In 2010 we were contacted by Mr and Mrs. A Evans who, having moved into a studio flat in Hessle in October 2003. We are asked if we could estimate the price could be for a ninety year lease extension. Identical flats in Hessle with an extended lease were valued around £267,600. The mid-range amount of ground rent was £65 billed annually. The lease elapsed on 9 February 2093. Given that there were 67 years left we estimated the compensation to the landlord for the lease extension to be between £14,300 and £16,400 plus legals.