Main reasons to commence your Hook lease extension

Main reasons to start your Hook lease extension today:

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

Hook leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Hook tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. If you are a leasehold owner in Hook you should check if your lease has between 70 and ninety years remaining. There are compelling reasons why a Hook leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay

An extended lease has roughly the same value as a freehold

Leasehold properties in Hook with in excess of one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Banks and Building Societies will not finance a property on a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This may be problematic as and when you need to market or remortgage your property as it will be practically unmortgageable. Even though you may have no immediate intention to sell but when you do your buyer must hold off for two years before being able to exercise the right to a an extension to the lease.

Get in touch with one of our Hook lease extension solicitors or enfranchisement solicitors

Lease extensions in Hook can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience procuring Hook lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hook Lease Extension Example Cases:

Hannah, Hook, Hampshire,

Off the back of protracted negotiations with the landlord of her first floor flat in Hook, Hannah started the lease extension process as the eighty year deadline was quickly nearing. The legal work was concluded in January 2012. The freeholder’s charges were kept to an absolute minimum.

Hook case:

Last Winter we were approach by Mr P Brooks , who acquired a recently refurbished flat in Hook in January 2012. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by ninety years. Identical residencies in Hook with an extended lease were worth £200,800. The mid-range ground rent payable was £65 billed quarterly. The lease came to a finish in 2086. Having 60 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £20,900 and £24,200 plus costs.