Top reasons for Hatton lease extension

Top reasons for lease extension now:

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

Owning a flat usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Hatton. Clearly, the length of lease left shortens as time goes by. This may pass by relatively unnoticed when the property needs to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more expensive it will be to obtain a lease extension. Qualifying long lease owners in Hatton have the right to extend the lease for an additional 90 years in accordance with legislation. Do give due attention before putting off your Hatton lease extension. Putting off the cost now only increases the price you will eventually incur to extend your lease

Hatton property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage on a short lease

Lenders are really restricting their approach as regards to homes in Hatton with short leases. For example you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing your market.

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

The conveyancers that we work with handle 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 conveyancing solicitor we work with provide it.

Hatton Lease Extension Example Cases:

Jade, Hatton, Warwickshire,

Off the back of protracted discussions with the landlord of her two bedroom apartment in Hatton, Jade initiated the lease extension process just as her lease was nearing the crucial 80-year deadline. The lease extension completed in March 2005. The landlord’s fees were negotiated to below 650 pounds.

Hatton case:

Last Spring we were approach by Mrs C Petit , who moved into a purpose-built apartment in Hatton in April 2010. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparative flats in Hatton with 100 year plus lease were in the region of £198,800. The average ground rent payable was £55 invoiced monthly. The lease concluded in 2081. Having 55 years outstanding we calculated the premium to the landlord to extend the lease to be between £33,300 and £38,400 plus professional charges.