Main reasons to commence your Ham lease extension

Top reasons for lease extension now:

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

When it comes to domestic leasehold premises in Ham, you are in fact renting it for a certain amount of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may think about a lease extension sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease becomes disproportionately more expensive particularly once there are fewer than 80 years remaining. Leasehold owners in Ham with a lease nearing 81 years unexpired should seriously consider extending it without delay. When a lease has fewer than 80 years remaining, under the current statute the freeholder can calculate and demand a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.

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

Leasehold residencies in Ham with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth 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 warrant it.

Lending institutions will not loan monies with a short lease

Lenders will not grant a mortgage on short residential leases. You are likely to experience difficulties if you wish to sell your flat in Ham if the remaining term of your lease is less than the criteria set by the majority of lenders. Different lenders have varying requirements but in the main theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Ham?

The lawyers that we work with procure Ham 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.

Ham Lease Extension Example Cases:

Harry, Ham, Surrey,

Harry owned a 2 bedroom apartment in Ham being marketed with a lease of just over sixty years outstanding. Harry on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Harry to invoke his statutory right. Harry obtained expert legal guidance and secured satisfactory deal without going to tribunal and readily saleable.

Ham case:

Last Winter we were approach by Ms U Young , who acquired a garden flat in Ham in June 1998. We are asked if we could shed any light on how much (approximately) premium would be for a ninety year lease extension. Similar homes in Ham with a long lease were in the region of £205,000. The average ground rent payable was £50 collected annually. The lease ran out on 15 November 2105. Having 79 years as a residual term we approximated the premium to the landlord for the lease extension to be between £8,600 and £9,800 plus professional charges.