Main reasons to start your Ham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ham property value

With a long leasehold property in Ham, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. Modern flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly notably once there are fewer than eighty years left. Anyone in Ham with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. Once the lease term has below 80 years outstanding, under the relevant Act the freeholder can calculate and levy a greater premium, based on a technical multiplication, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Lending institutions may not grant a mortgage on a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This will be problematic as and when you need to market or refinance your flat as it will be effectively unmortgageable. You may not have an imminent desire to sell but when you do your purchaser must hold off for 2 years before they can initiate the legal procedures for a lease extension.

What makes us experts in Ham lease extensions?

Engaging our service gives you increased control over the value of your Ham leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ham Lease Extension Example Cases:

Jessica, Ham, Surrey,

After unsuccessful discussions with the landlord of her purpose-built apartment in Ham, Jessica initiated the lease extension process just as her lease was coming close to the critical 80-year threshold. The transaction was concluded in January 2005. The freeholder’s costs were restricted to a tad over 450 GBP.

Ham case:

Last Autumn we were called by Dr Danielle Roux , who purchased a one bedroom apartment in Ham in August 2000. The question was if we could estimate the price could be to prolong the lease by 90 years. Identical flats in Ham with an extended lease were worth £233,200. The average ground rent payable was £60 billed per annum. The lease terminated in 2086. Having 61 years as a residual term we approximated the premium to the landlord to extend the lease to be between £22,800 and £26,400 not including fees.