Stop! Your Lease Extension in Hatton Could Be FREE

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Many leaseholders in Hatton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Hatton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for Hatton lease extension

Why you should commence your Hatton lease extension today:

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

The value of Hatton leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase materialy once the remaining term is less than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the property will be equivalent in value to a freehold for decades to come.

Lenders may not lend on a short lease

Mortgage companies are really restricting their approach as regards to properties in Hatton with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing the number of potential purchasers.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

What makes us experts in Hatton lease extensions?

Irrespective of whether you are a tenant or a landlord in Hatton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hatton valuers.

Hatton Lease Extension Case Studies:

Nicole, Hatton, Warwickshire,

Off the back of lengthy negotiations with the freeholder of her basement flat in Hatton, Nicole started the lease extension process as the 80 year threshold was swiftly nearing. The lease extension completed in January 2010. The landlord’s charges were kept to an absolute minimum.

Hatton case:

In 2010 we were called by Dr P Parker who, having bought a ground floor flat in Hatton in February 2011. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Comparative residencies in Hatton with a long lease were valued about £174,200. The average amount of ground rent was £55 collected quarterly. The lease terminated in 2077. Considering the 51 years unexpired we estimated the premium to the freeholder to extend the lease to be between £31,400 and £36,200 exclusive of professional charges.

Decision in Hounslow

An example of a Lease Extension matter before the tribunal for a Hatton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The unexpired term as at the valuation date was 82.93 years.