Why you should commence your Hook lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hook property value

Hook leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Hook will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are prescribed timetables and steps to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.

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

Leasehold properties in Hook with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may not lend with a short lease

Many mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be conscious that it is likely that someone wishing to purchase your property in the future might well do, so if they can't get a mortgage, then the financial worth of the property will likely suffer. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Hook lease extensions?

Engaging our service gives you increased control over the value of your Hook leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hook Lease Extension Case Studies:

Jude, Hook, Hampshire

Last year Jude, started to get near to the eighty-year threshold with the lease on his leasehold flat in Hook. Having purchased his flat 18 years ago, the length of the lease was of no relevance. As luck would have it, he became aware that he would soon be paying an escalated premium for Extending the lease. Jude was able to extend his lease just in the nick of time last August. Jude and the freeholder ultimately agreed on a premium of £6,000 . If he had missed the deadline, the premium would have increased by at least £875.

Hook case:

Dr Reuben André acquired a first floor apartment in Hook in September 2000. The question was if we could estimate the compensation to the landlord could be to extend the lease by ninety years. Comparable flats in Hook with an extended lease were in the region of £254,200. The average ground rent payable was £60 collected yearly. The lease lapsed on 15 May 2076. Considering the 51 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £43,700 and £50,600 exclusive of expenses.