Top reasons for Hoxton lease extension

Main reasons to start your Hoxton lease extension today:

A Hoxton leasehold property depreciates with the years remaining on the lease.

Hoxton leases on residential deteriorating in value. if your lease has about 90 years left, you should start thinking about a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual 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. Flat owners in Hoxton will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In certain circumstances you may not be entitled. There are prescribed deadlines and procedures to comply with once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Hoxton with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

Why use us for your lease extension in Hoxton?

Using our service will provide you increased control over the value of your Hoxton leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hoxton Lease Extension Case Studies:

Noah, Hoxton, London

Last Spring Noah, came seriously near to the 80-year mark with the lease on his leasehold flat in Hoxton. In buying his home 18 years ago, the unexpired term was of little significance. Thankfully, he noticed he needed to take steps soon on Extending the lease. Noah was able to extend his lease just ahead of time in March. Noah and the freeholder via the managing agents eventually agreed on sum of £5,500 . If the lease had slipped below 80 years, the premium would have increased by at least £875.

Hoxton case:

Last Christmas we were contacted by Mr and Mrs. F Vincent , who moved into a studio apartment in Hoxton in March 2004. The dilemma was if we could estimate the premium would likely be to extend the lease by a further 90 years. Comparative properties in Hoxton with an extended lease were worth £233,200. The mid-range ground rent payable was £60 collected per annum. The lease lapsed in 2087. Considering the 61 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of professional charges.