Main reasons to commence your Hoxton lease extension

Main reasons to start your Hoxton lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Hoxton may extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do think carefully before delaying your Hoxton lease extension. Postponing that expense now simply increases the price you will ultimately have to pay for a lease extension.

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

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

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

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to become nervous at around 75 years. This may cause difficulties as and when you come to sell or refinance your flat as it will be effectively unmortgageable. Even though you might not have an imminent plan to sell but when you do your buyer will need to hold off for two years before they can exercise the right to a an extension to the lease.

What makes us experts in Hoxton lease extensions?

Lease extensions in Hoxton can be a difficult process. We recommend you secure guidance from a conveyancer 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 Hoxton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hoxton Lease Extension Case Summaries:

Benjamin, Hoxton, London

During the course of the last few months Benjamin, came very near to the 80-year mark with the lease on his two bedroom flat in Hoxton. Having purchased his property 18 years ago, the lease term was of no bearing. by good luck, he became aware that he needed to take action soon on a lease extension. Benjamin arranged for a lease extension at the eleventh hour last September. Benjamin and the freeholder via the management company ultimately settled on sum of £6,000 . If the lease had slid below eighty years, the amount would have gone up by at least £1,150.

Hoxton case:

Mr and Mrs. Y Rivera owned a studio apartment in Hoxton in March 1995. The question was if we could estimate the price would be to prolong the lease by ninety years. Similar properties in Hoxton with an extended lease were in the region of £235,600. The mid-range ground rent payable was £60 collected every twelve months. The lease ended on 6 January 2087. Taking into account 62 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £21,900 and £25,200 exclusive of professional charges.