Why you should commence your Ham lease extension

Main reasons to commence your Ham lease extension today:

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

Ham leases on residential deteriorating in value. if your lease has approximately ninety years remaining, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then have to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Ham will mostly qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not be entitled. There are also strict deadlines and procedures to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.

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

Leasehold premises in Ham with more than 100 years left on the lease are sometimes 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 to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not grant a mortgage with a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Ham were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Ham?

The lawyers 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 conveyancer we work with provide it.

Ham Lease Extension Case Studies:

Jackson, Ham, Surrey

Two years ago Jackson, came precariously close to the eighty-year threshold with the lease on his studio flat in Ham. In buying his property two decades ago, the lease term was of minimal importance. As luck would have it, he realised he needed to take steps soon on a lease extension. Jackson was able to extend his lease at the eleventh hour in May. Jackson and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If the lease had slid lower than eighty years, the figure would have gone up by at least £925.

Ham case:

Last May we were called by Dr Riley Bertrand , who bought a studio flat in Ham in April 1998. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by ninety years. Comparative flats in Ham with a long lease were in the region of £181,600. The mid-range amount of ground rent was £55 billed yearly. The lease expiry date was in 2078. Taking into account 52 years left we approximated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 not including expenses.