Main reasons to start your Hook lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hook property value

There is no doubt about it a leasehold property in Hook is a wasting asset as a result of the diminishing lease term. Where the lease has, over 100 years remaining then this decrease may be negligible however there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease sooner rather than later. Most flat owners in Hook will meet the qualifying criteria; however a conveyancing solicitor will be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold premises in Hook with in excess of one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value 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 estate charges warrant it.

Banks and Building Societies may not grant a mortgage on a short lease

The propensity since 2008 has been for banks to tighten lending requirements across the board - this has extended to the property over which the home loan is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. Historically banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Hook lease extensions?

Irrespective of whether you are a tenant or a freeholder in Hook,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 Hook valuers.

Hook Lease Extension Example Cases:

Grace, Hook, Hampshire,

Trailing unsuccessful discussions with the freeholder of her ground floor apartment in Hook, Grace commenced the lease extension process just as her lease was nearing the all-important eighty-year threshold. The legal work was concluded in November 2007. The freeholder’s fees were negotiated to a tad over 600 GBP.

Hook case:

Last year we were phoned by Ms I Rivera , who acquired a first floor apartment in Hook in September 1996. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Identical residencies in Hook with a long lease were valued around £265,000. The average amount of ground rent was £50 collected per annum. The lease ran out on 16 October 2098. Considering the 73 years remaining we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including legals.