Why you should commence your Hatton lease extension

Why you should start your Hatton lease extension today:

Increase your lease and increase your Hatton property value

The nearer a domestic lease in Hatton nears to zero years unexpired, the more it reduces the value of the property. If the lease has, over 125 years to run then this decrease may be negligible that being said there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary logic behind why you should extend the lease sooner as opposed to later. The majority of flat owners in Hatton will qualify for this right; however a conveyancer can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

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

Leasehold properties in Hatton with in excess of one hundred years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Lending institutions will not loan monies with a short lease

Banks and building societies do not like short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Hatton if the unexpired lease term is below the criteria set by the majority of mortgage companies. Different lenders have varying requirements but generally theyrequire an unexpired term of at least seventy years.

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

The lawyers that we work with undertake Hatton 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 conveyancer we work with provide it.

Hatton Lease Extension Example Cases:

Emma, Hatton, Warwickshire,

Following lengthy discussions with the landlord of her one bedroom apartment in Hatton, Emma commenced the lease extension process as the eighty year threshold was swiftly coming. The lease extension was finalised in February 2008. The landlord’s costs were kept to an absolute minimum.

Hatton case:

Dr Alisha Evans was assigned a lease of a ground floor flat in Hatton in February 2002. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by 90 years. Identical premises in Hatton with 100 year plus lease were worth £285,000. The average amount of ground rent was £45 invoiced annually. The lease lapsed in 2097. Considering the 71 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.