Why you should start your Hook lease extension

Top reasons for lease extension now:

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

Hook leases on residential deteriorating in value. Where your lease has about 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Hook will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some cases you may not qualify. There are also strict deadlines and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

Leasehold properties in Hook with more than 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 property. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.

Lending institutions will not grant a mortgage with a short lease

Why use us for your lease extension in Hook?

The conveyancers that we work with undertake Hook lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hook Lease Extension Case Summaries:

Arthur, Hook, Hampshire

Last October Arthur, started to get close to the eighty-year mark with the lease on his one bedroom apartment in Hook. In buying his property twenty years ago, the lease term was of minimal interest. Thankfully, he recognised he needed to take steps soon on Extending the lease. Arthur was able to extend his lease just under the wire last July. Arthur and the landlord ultimately agreed on sum of £5,500 . If the lease had dropped to less than 80 years, the amount would have gone up by a minimum £1,025.

Hook case:

In 2011 we were e-mailed by Dr Joseph Bernard who, having acquired a purpose-built apartment in Hook in March 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year lease extension. Identical homes in Hook with 100 year plus lease were in the region of £285,000. The mid-range amount of ground rent was £55 collected annually. The lease finished on 9 January 2105. Given that there were 79 years remaining we calculated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including costs.