Hilton Lease Extension - Free Consultation

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Main reasons to commence your Hilton lease extension

Why you should commence your Hilton lease extension today:

Increase your lease and increase your Hilton property value

The only way is down when it comes to Hilton lease terms. Hilton leaseholds that have a remaining term lower than 80 years will drop in market price even faster, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

Leasehold residencies in Hilton with in excess of 100 years remaining 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 upside in purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to finance a property on a short lease

Banks and building societies differ in their lending requirements. Some set the bar at 75 years outstanding on the lease; others may be willing to lend with anything with more than 70 years. With less than sixty years, it may be problematic to get a mortgage in the first place.

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.
Godiva Mortgages 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.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years. For a Lifetime Mortgage, the term must be no less than 150 years minus the age of the Borrower.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Hilton?

The conveyancers that we work with undertake Hilton 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 lawyer we work with provide it.

Hilton Lease Extension Example Cases:

Zachary, Hilton, Derbyshire,

Zachary was the the leasehold proprietor of a 2 bedroom apartment in Hilton on the market with a lease of just over fifty eight years left. Zachary on an informal basis approached his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Zachary to invoke his statutory right. Zachary obtained expert advice and secured an acceptable resolution without resorting to tribunal and sell the flat.

Hilton case:

In 2014 we were called by Mr P Adams who, having took over the lease of a ground floor flat in Hilton in March 2007. We are asked if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparable properties in Hilton with 100 year plus lease were valued about £265,000. The average amount of ground rent was £50 invoiced every twelve months. The lease terminated in 2096. Given that there were 74 years left we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 not including expenses.

Hilton case:

In 2013 we were e-mailed by Dr Mollie Wright who, having completed a garden apartment in Hilton in July 1999. The question was if we could approximate the premium could be to extend the lease by a further 90 years. Identical residencies in Hilton with an extended lease were in the region of £166,400. The mid-range amount of ground rent was £60 collected monthly. The lease finished in 2076. Given that there were 54 years left we approximated the compensation to the freeholder to extend the lease to be between £32,300 and £37,400 exclusive of legals.