Main reasons to start your Ham lease extension

Why you should start your Ham lease extension today:

Increase your lease and increase your Ham property value

It’s an underpublicised truth that a Ham residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Ham property market.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be payable. Most leasehold owners in Ham will be able to extend under the legislation; however a lawyer should be able to clarify whether you qualify for an extension. In some cases you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

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

Leasehold residencies in Ham with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Mortgage lenders will not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic as and when you come to dispose of or remortgage your flat as it will be practically unmortgageable. You may have no immediate plan to sell but when you do your buyer must wait a couple of years before they can exercise the right to a an extension to the lease.

Get in touch with one of our Ham lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with handle 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 lawyer we work with provide it.

Ham Lease Extension Case Summaries:

Eliot, Ham, Surrey

Last Winter Eliot, started to get near to the eighty-year mark with the lease on his leasehold apartment in Ham. Having purchased his property two decades ago, the lease term was of no concern. by good luck, he became aware that he would imminently be paying way over the odds for Extending the lease. Eliot arranged for a lease extension at the eleventh hour in January. Eliot and the freeholder via the managing agents ultimately agreed on the final figure of £5,500 . If the lease had dipped to less than eighty years, the sum would have become more costly by a minimum £925.

Ham case:

Mr and Mrs. I Bernard bought a one bedroom apartment in Ham in June 2012. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Similar properties in Ham with 100 year plus lease were in the region of £166,800. The mid-range ground rent payable was £50 billed every twelve months. The lease expired in 2076. Having 50 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 not including professional charges.