Why you should commence your Hatton lease extension

Top reasons for lease extension now:

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

Hatton leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Hatton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Hatton you should check if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies with a short lease

Most mortgage companies will not lend on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties to obtain a mortgage and this will result in your Hatton property becoming difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Hatton?

Engaging our service gives you increased control over the value of your Hatton leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hatton Lease Extension Example Cases:

Caitlin, Hatton, Warwickshire,

After lengthy discussions with the landlord of her first floor flat in Hatton, Caitlin commenced the lease extension process just as her lease was coming close to the all-important eighty-year threshold. The transaction was finalised in January 2012. The freeholder’s charges were restricted to approximately 550 pounds.

Hatton case:

Last Winter we were e-mailed by Dr D Campbell , who took over the lease of a ground floor apartment in Hatton in October 1997. The dilemma was if we could shed any light on how much (roughly) premium would likely be for a 90 year extension to my lease. Identical properties in Hatton with a long lease were worth £189,000. The average ground rent payable was £55 invoiced every twelve months. The lease lapsed in 2078. Given that there were 53 years outstanding we approximated the premium to the freeholder for the lease extension to be within £28,500 and £33,000 exclusive of fees.