Main reasons to commence your Highcliffe lease extension

Top reasons for lease extension now:

Increase your lease and increase your Highcliffe property value

Highcliffe leases on residential deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is desirable for the lease extension to take place before the term of the existing lease drops under eighty years - otherwise a higher amount will be due. Leasehold owners in Highcliffe will mostly qualify for a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not qualify. There are also strict deadlines and steps to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

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

It is generally accepted that a property with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to properties in Highcliffe with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of prospective buyers.

What makes us experts in Highcliffe lease extensions?

Regardless of whether you are a tenant or a landlord in Highcliffe,the lease extension solicitors 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 Highcliffe valuers.

Highcliffe Lease Extension Example Cases:

Adam, Highcliffe, Dorset

Half a year ago Adam, started to get close to the eighty-year threshold with the lease on his basement flat in Highcliffe. In buying his flat 18 years previously, the length of the lease was of little significance. Luckily, he became aware that he would imminently be paying an escalated premium for Extending the lease. Adam arranged for a lease extension just under the wire last June. Adam and the freeholder eventually agreed on sum of £5,500 . If the lease had slipped to less than 80 years, the sum would have become more exhorbitant by at least £1,025.

Highcliffe case:

Dr Katherine Leroy moved into a purpose-built apartment in Highcliffe in November 2012. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Highcliffe with a long lease were in the region of £261,600. The mid-range amount of ground rent was £60 billed monthly. The lease lapsed in 2078. Taking into account 52 years remaining we calculated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 exclusive of fees.

Highcliffe case:

Ms Francesca Rivera purchased a ground floor apartment in Highcliffe in April 2012. We are asked if we could approximate the compensation to the landlord would be for a 90 year extension to my lease. Identical premises in Highcliffe with a long lease were worth £218,000. The average amount of ground rent was £45 invoiced quarterly. The lease lapsed on 18 October 2089. Having 63 years remaining we approximated the compensation to the landlord to extend the lease to be between £17,100 and £19,800 plus legals.