Top reasons for Hilton lease extension

Main reasons to start your Hilton lease extension today:

Increase your lease and increase your Hilton property value

For those whose Hilton flat is held on a long lease, the message is clear – if no remedial action is taken, the property will ultimately revert to the freeholder, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to lend with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider lending on it. Even if you don't require a mortgage, you should be mindful that it is probable that someone intending to purchase your property in the future might well do, so in the event that they can't secure a mortgage, then the market price of your property will likely be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

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

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

Hilton Lease Extension Case Studies:

Sebastian, Hilton, Derbyshire,

Sebastian owned a high value flat in Hilton on the market with a lease of fraction over 72 years remaining. Sebastian on an informal basis spoke with his landlord a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Sebastian to invoke his statutory right. Sebastian procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Hilton case:

Last year we were approach by Dr Omar Rivera , who took over the lease of a purpose-built flat in Hilton in October 2002. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparative flats in Hilton with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 billed yearly. The lease ended in 2102. Considering the 76 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of fees.

Hilton case:

Mr D Martinez bought a one bedroom apartment in Hilton in March 2008. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by 90 years. Identical flats in Hilton with 100 year plus lease were valued about £176,200. The average ground rent payable was £65 collected per annum. The lease ended on 22 October 2082. Considering the 56 years left we approximated the compensation to the landlord to extend the lease to be within £29,500 and £34,000 exclusive of professional charges.