Main reasons to commence your Ham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ham property value

For anyone whose Ham home is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension.

An extended lease has roughly 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 home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may not grant a mortgage with a short lease

Mortgage lenders have set criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once the remaining lease term goes below a specified unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired term of less than 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are intending to remortgage your Ham home.

What makes us experts in Ham lease extensions?

Engaging our service will provide you enhanced control over the value of your Ham leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Ham Lease Extension Example Cases:

Holly, Ham, Surrey,

Off the back of unsuccessful negotiations with the landlord of her two bedroom flat in Ham, Holly started the lease extension process just as her lease was coming close to the crucial 80-year mark. The legal work was concluded in May 2009. The freeholder’s fees were restricted to a tad over 650 GBP.

Ham case:

In 2010 we were contacted by Dr K Flores who, having took over the lease of a one bedroom apartment in Ham in May 2010. We are asked if we could shed any light on how much (roughly) price could be to extend the lease by ninety years. Similar homes in Ham with a long lease were in the region of £295,000. The mid-range amount of ground rent was £50 billed monthly. The lease expired in 2101. Taking into account 75 years left we estimated the premium to the landlord for the lease extension to be within £8,600 and £9,800 plus legals.