Why you should start your Ham lease extension

Why you should commence your Ham lease extension today:

Increase your lease and increase your Ham property value

It’s a harsh certainty that a Ham residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Ham property market.Where your lease has approximately ninety years left, you should start thinking about a lease extension. If the number of years remaining slips below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Ham will be able to extend under the legislation; however a conveyancing solicitor will be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

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

Leasehold premises in Ham with in excess of one hundred years outstanding 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 property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not grant a mortgage with a short lease

Banks and building societies vary in their lending criteria. Some draw the line at seventy five years outstanding on the lease; others may be willing to lend with anything in excess seventy years. With less than sixty years, it may be difficult to obtain a mortgage in the first place.

Why use us for your lease extension in Ham?

The conveyancing solicitors that we work with undertake 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 conveyancing solicitor we work with provide it.

Ham Lease Extension Case Studies:

William, Ham, Surrey

Last October William, started to get near to the eighty-year threshold with the lease on his basement apartment in Ham. In buying his flat two decades ago, the length of the lease was of minimal importance. by good luck, he realised he would imminently be paying an inflated amount for a lease extension. William was able to extend his lease at the eleventh hour in April. William and the landlord who owned the flat above in the end agreed on an amount of £5,000 . If the lease had slipped below 80 years, the amount would have escalated by a minimum £1,000.

Ham case:

Mr P Walker was assigned a lease of a one bedroom apartment in Ham in January 1995. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Comparative properties in Ham with 100 year plus lease were valued about £295,000. The average ground rent payable was £45 billed yearly. The lease terminated in 2100. Having 74 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.