Main reasons to start your Hatton lease extension

Top reasons for lease extension now:

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

It’s an underpublicised truth that a Hatton residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Hatton property market.Once your lease nears 85ish years, you should start considering a lease extension. If lease term drops below eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Hatton will be able to extend under the legislation; however a conveyancer should be able to confirm whether you qualify for an extension. In some situations you may not qualify. There are also strict timeframes and procedures to follow once the process is initiated and you will need to be guided by your conveyancing solicitor throughout the process.

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

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not lend with a short lease

Many banks and building societies will be unwilling to lend on a lease with less than seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Hatton property being difficult to dispose of or to obtain finance on.

What makes us experts in Hatton lease extensions?

Lease extensions in Hatton can be a difficult process. We recommend you obtain professional help from a conveyancer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Hatton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hatton Lease Extension Example Cases:

Riley, Hatton, Warwickshire,

Riley owned a conversion apartment in Hatton on the market with a lease of just over 72 years left. Riley on an informal basis contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a rise in the rent to £50 yearly. Ordinarily, ground rent would not be due on a lease extension were Riley to invoke his statutory right. Riley obtained expert advice and secured an acceptable deal without going to tribunal and readily saleable.

Hatton case:

Mr and Mrs. T Green acquired a first floor flat in Hatton in November 2000. The question was if we could estimate the price could be to extend the lease by an additional years. Identical premises in Hatton with a long lease were worth £300,000. The mid-range ground rent payable was £50 billed per annum. The lease terminated in 2101. Considering the 75 years as a residual term we estimated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 plus costs.