Main reasons to commence your Hook lease extension

Why you should commence your Hook lease extension today:

Increase your lease and increase your Hook property value

The closer a domestic lease in Hook gets to zero years unexpired, the the greater the reduction in the value of the property. Where the lease has, over 125 years remaining then this decrease may be fractional 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 be significant. It is the main rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Hook will qualify for this right; however a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

Lenders are really clamping down as regards to homes in Hook with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus restricting your market.

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 get guidance from a conveyancing solicitor and valuer with experience in lease extensions.

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 dealing with 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 Case Summaries:

Jason, Hook, Hampshire,

Jason was the the leasehold owner of a high value apartment in Hook on the market with a lease of a few days over 61 years left. Jason informally contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Jason to invoke his statutory right. Jason obtained expert legal guidance and secured an acceptable resolution without resorting to tribunal and sell the flat.

Hook case:

Last Summer we were approach by Dr G Bernard , who took over the lease of a purpose-built flat in Hook in February 1997. We are asked if we could estimate the premium would be to prolong the lease by a further 90 years. Comparative flats in Hook with a long lease were worth £193,400. The average amount of ground rent was £65 billed monthly. The lease came to a finish in 2085. Considering the 59 years remaining we calculated the compensation to the landlord for the lease extension to be within £21,900 and £25,200 not including professional charges.