Main reasons to commence your Hook lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hook property value

It’s a harsh truth that a Hook residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the deflation being disguised by increases in the Hook property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining falls under 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Hook will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is instigated and you will need to be guided by your conveyancing solicitor throughout the process.

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

Leasehold premises in Hook with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

What makes us experts in Hook lease extensions?

Retaining our service will provide you increased control over the value of your Hook leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hook Lease Extension Example Cases:

Harrison, Hook, Hampshire

Last Autumn Harrison, started to get close to the 80-year mark with the lease on his studio apartment in Hook. Having purchased his flat two decades ago, the length of the lease was of little relevance. As luck would have it, he recognised he would soon be paying an escalated premium for a lease extension. Harrison was able to extend his lease just in the nick of time in August. Harrison and the landlord in the end settled on an amount of £6,000 . If the lease had descended lower than 80 years, the premium would have escalated by a minimum £900.

Hook case:

Last year we were approach by Dr V Howard , who owned a recently refurbished flat in Hook in July 2008. The dilemma was if we could estimate the premium would likely be for a ninety year lease extension. Comparative premises in Hook with 100 year plus lease were valued about £255,000. The average ground rent payable was £50 collected per annum. The lease ended in 2097. Considering the 71 years remaining we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of fees.