Main reasons to start your Hook lease extension

Why you should commence your Hook lease extension today:

Increase your lease and increase your Hook property value

As the the remaining lease term of a Hook domestic lease decreases so does its value and therefore the value of your property. If the lease has, in excess of 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has fewer than 80 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 primary logic behind why you should extend the lease without delay. Many flat owners in Hook will qualify for this right; that being said a conveyancer can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold properties in Hook with more than 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 property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may decide not to lend with a short lease

Almost all mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wanting to acquire your property in the future might well do, so if they are unable to get a mortgage, then the financial worth of your property could suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Hook lease extensions?

Regardless of whether you are a tenant or a freeholder in Hook,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hook valuers.

Hook Lease Extension Example Cases:

Leo, Hook, Hampshire,

Leo owned a high value flat in Hook being sold with a lease of a few days over fifty eight years unexpired. Leo informally spoke with his freeholder a well known local-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 on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Leo to invoke his statutory right. Leo obtained expert advice and secured satisfactory resolution informally and readily saleable.

Hook case:

In 2009 we were e-mailed by Mr and Mrs. M Lambert who, having completed a purpose-built flat in Hook in March 1996. The question was if we could shed any light on how much (roughly) price would be to extend the lease by a further 90 years. Comparable residencies in Hook with 100 year plus lease were worth £250,000. The average ground rent payable was £50 invoiced quarterly. The lease came to a finish on 14 September 2094. Having 69 years unexpired we approximated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of fees.