Why you should commence your Hatton lease extension

Main reasons to commence your Hatton lease extension today:

Increase your lease and increase your Hatton property value

For anyone whose Hatton property is held on a long lease, the message is clear – if no remedial action is taken, your property will eventually 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 extend the lease.

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

Leasehold premises in Hatton with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not lend on a short lease

Lending institutions have set criteria when loaning funds charged on leasehold property. Some will simply not lend at all once the remaining lease term slips beneath a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant where you are seeking to remortgage your Hatton home.

What makes us experts in Hatton lease extensions?

Using our service gives you increased control over the value of your Hatton leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide 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.

Hatton Lease Extension Case Summaries:

Arthur, Hatton, Warwickshire

Last October Arthur, came very near to the eighty-year mark with the lease on his one bedroom apartment in Hatton. Having bought his property two decades ago, the unexpired term was of minimal bearing. As luck would have it, he realised he would soon be paying an inflated amount for a lease extension. Arthur arranged for a lease extension just ahead of time in June. Arthur and the freeholder eventually agreed on the final figure of £5,500 . If the lease had slipped lower than eighty years, the premium would have gone up by a minimum £875.

Hatton case:

In 2011 we were contacted by Dr Ben Petit who, having owned a basement apartment in Hatton in March 2007. The question was if we could shed any light on how much (approximately) price could be for a ninety year extension to my lease. Similar flats in Hatton with a long lease were worth £267,600. The average amount of ground rent was £65 invoiced yearly. The lease terminated in 2093. Taking into account 67 years as a residual term we estimated the compensation to the landlord for the lease extension to be within £14,300 and £16,400 plus expenses.