Why you should start your Hook lease extension

Main reasons to start your Hook lease extension today:

Increase your lease and increase your Hook property value

The value of Hook leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase materialy once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Most high street banks are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years left at the end of the mortgage. Given that a number of flats in Hook were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

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

The conveyancers that we work with handle 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 conveyancing solicitor we work with provide it.

Hook Lease Extension Case Studies:

Adam, Hook, Hampshire,

Adam owned a high value flat in Hook being marketed with a lease of a little over fifty eight years unexpired. Adam informally spoke with his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 per annum. Ordinarily, ground rent would not be payable on a lease extension were Adam to exercise his statutory right. Adam obtained expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Hook case:

Mr Leo Mitchell moved into a one bedroom flat in Hook in August 1999. The dilemma was if we could estimate the premium would likely be to prolong the lease by 90 years. Comparative properties in Hook with a long lease were in the region of £173,800. The mid-range ground rent payable was £60 billed every twelve months. The lease ran out on 14 January 2081. Considering the 55 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £31,400 and £36,200 exclusive of expenses.