Stop! Your Lease Extension in Hockley Could Be FREE

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Many leaseholders in Hockley 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 Hockley 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.

Main reasons to commence your Hockley lease extension

Why you should commence your Hockley lease extension today:

Increase your lease and increase your Hockley property value

Hockley residential property held on a long lease is a wasting asset because a leaseholder only owns the property for a set term.

Hockley property with a lease extension is almost the same value as a freehold

Leasehold premises in Hockley with over 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lenders may not finance a property with a short lease

Banks and building societies differ in their lending criteria. Some set the bar at seventy five years remaining on the lease; others may be content with anything in excess seventy years. Below 60 years, it may be problematic to get a mortgage in the first place.

Lender Requirement
Coventry Building Society
Nationwide Building Society
Santander
Skipton Building Society
TSB

Why use us for your lease extension in Hockley?

The conveyancing solicitors that we work with handle Hockley 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.

Hockley Lease Extension Example Cases:

Freya, Hockley, Essex,

Following lengthy correspondence with the freeholder of her basement flat in Hockley, Freya initiated the lease extension process just as the lease was nearing the critical 80-year mark. The legal work completed in June 2005. The landlord’s charges were kept to an absolute minimum.

Hockley case:

Mr B Miller took over the lease of a purpose-built flat in Hockley in June 1995. The question was if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Similar premises in Hockley with a long lease were in the region of £280,000. The average amount of ground rent was £55 billed annually. The lease concluded on 1 October 2104. Having 78 years unexpired we calculated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of legals.

Hockley case:

Last Spring we were called by Mr and Mrs. H Martínez , who took over the lease of a one bedroom apartment in Hockley in November 1998. The question was if we could approximate the premium would likely be to prolong the lease by 90 years. Comparative flats in Hockley with 100 year plus lease were worth £191,000. The average ground rent payable was £65 billed yearly. The lease terminated on 23 September 2084. Taking into account 58 years unexpired we estimated the compensation to the landlord for the lease extension to be between £23,800 and £27,400 plus costs.