Why you should commence your Hoxton lease extension

Main reasons to start your Hoxton lease extension today:

Increase your lease and increase your Hoxton property value

There is no doubt about it a leasehold property in Hoxton is a wasting asset as a result of the shortening lease. If the lease has, in excess of 99 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 remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending without delay. Many flat owners in Hoxton will meet the qualifying criteria; nevertheless a lawyer can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

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

Leasehold properties in Hoxton with over one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may not finance a property on a short lease

Why use us for your lease extension in Hoxton?

The lawyers that we work with procure Hoxton lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hoxton Lease Extension Case Summaries:

Jake, Hoxton, London

Last Summer Jake, came very near to the 80-year mark with the lease on his leasehold apartment in Hoxton. In buying his flat 19 years ago, the unexpired term was of no relevance. As luck would have it, he noticed he needed to take action soon on Extending the lease. Jake was able to extend his lease at the eleventh hour in September. Jake and the landlord who owned the flat above in the end agreed on a premium of £5,500 . If the lease had slipped below eighty years, the figure would have gone up by at least £975.

Hoxton case:

In 2011 we were called by Mrs Isabella Rogers who, having took over the lease of a recently refurbished flat in Hoxton in February 1997. The question was if we could approximate the price would be to extend the lease by 90 years. Identical flats in Hoxton with 100 year plus lease were worth £210,000. The mid-range ground rent payable was £50 collected yearly. The lease concluded in 2106. Considering the 80 years left we estimated the compensation to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of legals.