Why you should start your Ham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ham property value

The nearer a residential lease in Ham gets to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, over 99 years to run then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the primary rational as to why you should extend the lease sooner than later. Most flat owners in Ham will meet the qualifying criteria; that being said a conveyancer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Ham property with a lease extension is almost the same value as a freehold

Leasehold properties in Ham with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may not lend on a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under seventy years as they are regarded as inadequate for lending purposes.

What makes us experts in Ham lease extensions?

Lease extensions in Ham can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 Ham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ham Lease Extension Example Cases:

Oscar, Ham, Surrey

Half a year ago Oscar, started to get close to the 80-year mark with the lease on his one bedroom flat in Ham. Having bought his property two decades ago, the lease term was of no bearing. Fortunately, he noticed he needed to take action soon on Extending the lease. Oscar was able to extend his lease at the eleventh hour in June. Oscar and the freeholder via the management company eventually agreed on a premium of £5,500 . If the lease had slipped below 80 years, the figure would have gone up by at least £875.

Ham case:

Last Spring we were phoned by Mr and Mrs. L Mercier , who was assigned a lease of a one bedroom apartment in Ham in April 2007. We are asked if we could approximate the price would likely be to prolong the lease by a further 90 years. Comparable properties in Ham with a long lease were in the region of £267,600. The average ground rent payable was £65 collected every twelve months. The lease lapsed on 27 July 2091. Given that there were 67 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £14,300 and £16,400 exclusive of fees.