Why you should commence your Ham lease extension

Main reasons to start 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 diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Ham property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If the number of years remaining falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of extra value that a lease extension will add the property The majority of leasehold owners in Ham will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer for the duration of the process.

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

It is conventional wisdom that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to loan monies on a short lease

Most banks and building societies will not grant a mortgage on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Ham property being difficult to dispose of or refinance.

Why use us for your lease extension in Ham?

Lease extensions in Ham can be a difficult process. We recommend you obtain guidance from a conveyancer and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Ham lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ham Lease Extension Example Cases:

Joshua, Ham, Surrey,

Joshua owned a conversion flat in Ham being sold with a lease of fraction over sixty years unexpired. Joshua informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 yearly. Ordinarily, ground rent would not be due on a lease extension were Joshua to exercise his statutory right. Joshua obtained expert legal guidance and secured an acceptable deal informally and sell the property.

Ham case:

Ms C Pérez was assigned a lease of a studio flat in Ham in June 2000. We are asked if we could approximate the price could be to prolong the lease by a further 90 years. Comparative flats in Ham with 100 year plus lease were worth £201,200. The average ground rent payable was £55 collected every twelve months. The lease ended in 2082. Given that there were 56 years remaining we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including fees.