Main reasons to start your Hessle lease extension

Why you should start your Hessle lease extension today:

A Hessle leasehold property depreciates with the years remaining on the lease.

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

An extended lease is almost the same value as a freehold

Leasehold residencies in Hessle with more than 100 years left 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 reversionary interest unless savings on ground rent and service charges justify it.

Lenders will not finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become nervous at around 75 years. This will cause difficulties when you come to market or remortgage your flat as it will be practically unmortgageable. Even though you may not have an imminent plan to sell but when you do your purchaser must wait a couple of years before being able to exercise the right to a a lease extension.

What makes us experts in Hessle lease extensions?

Lease extensions in Hessle can be a difficult process. We recommend you procure professional help from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Hessle lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hessle Lease Extension Case Summaries:

Katie, Hessle, East Yorkshire,

Off the back of lengthy correspondence with the landlord of her first floor apartment in Hessle, Katie initiated the lease extension process as the 80 year mark was quickly nearing. The lease extension was concluded in July 2010. The freeholder’s costs were kept to an absolute minimum.

Hessle case:

Dr T Flores was assigned a lease of a basement flat in Hessle in June 2003. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year lease extension. Comparable properties in Hessle with 100 year plus lease were in the region of £210,000. The average amount of ground rent was £50 invoiced annually. The lease lapsed in 2105. Having 80 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.

Hessle case:

In 2014 we were contacted by Mr and Mrs. O Brooks who, having bought a basement apartment in Hessle in October 1995. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Similar properties in Hessle with 100 year plus lease were worth £280,000. The average amount of ground rent was £45 invoiced every twelve months. The lease end date was on 26 September 2094. Considering the 69 years left we calculated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 not including costs.