Main reasons to commence your Ham lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Ham. Clearly, the term of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the residence has to be disposed of or refinanced. The shorter the lease the less it is worth and the more it will cost to extend the lease. Eligible leaseholders in Ham have the right to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Please give careful consideration before putting off your Ham lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension

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

Leasehold residencies in Ham with more than one hundred years unexpired on the lease are often referred to as ‘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 to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not lend with a short lease

Mortgage companies are really restricting their approach as regards to homes in Ham with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash purchaser, or try your luck at auction thus reducing the amount of potential purchasers.

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

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 conveyancing solicitor we work with provide it.

Ham Lease Extension Example Cases:

Zachary, Ham, Surrey

Last October Zachary, started to get close to the 80-year mark with the lease on his purpose- built flat in Ham. Having purchased his property two decades ago, the length of the lease was of no concern. Luckily, he became aware that he needed to take action soon on a lease extension. Zachary extended the lease just ahead of time last September. Zachary and the freeholder subsequently settled on the final figure of £5,500 . If he had missed the deadline, the sum would have become more costly by at least £950.

Ham case:

Mr and Mrs. H Watson acquired a purpose-built flat in Ham in August 2009. We are asked if we could approximate the premium could be to prolong the lease by an additional years. Similar residencies in Ham with an extended lease were valued about £267,600. The average ground rent payable was £65 invoiced every twelve months. The lease terminated on 19 January 2093. Taking into account 67 years left we approximated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 plus legals.