Main reasons to commence your Hook Norton lease extension

Top reasons for lease extension now:

A Hook Norton leasehold property depreciates with the years remaining on the lease.

Hook Norton residential property held on a long lease is a depreciating asset as the leaseholder merely owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. Given that many flats in Hook Norton were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

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

Using our service will provide you increased control over the value of your Hook Norton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hook Norton Lease Extension Example Cases:

Katie, Hook Norton, Oxfordshire,

After protracted correspondence with the landlord of her garden apartment in Hook Norton, Katie commenced the lease extension process just as her lease was coming close to the critical eighty-year threshold. The legal work was finalised in September 2005. The landlord’s costs were kept to an absolute minimum.

Hook Norton case:

Last Christmas we were contacted by Mr Ollie Campbell , who acquired a first floor apartment in Hook Norton in April 2012. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by ninety years. Comparable flats in Hook Norton with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease finished on 28 June 2102. Having 76 years unexpired we estimated the premium to the landlord for the lease extension to be within £9,500 and £11,000 plus expenses.

Hook Norton case:

Dr Benjamin Robinson bought a garden flat in Hook Norton in November 2006. We are asked if we could approximate the price would be to extend the lease by a further 90 years. Identical properties in Hook Norton with 100 year plus lease were in the region of £176,200. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease terminated in 2082. Given that there were 56 years as a residual term we estimated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 plus fees.