Main reasons to commence your Hook lease extension

Top reasons for lease extension now:

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

The value of Hook leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the residence will be worth the same as a freehold for many years ahead.

Lending institutions may not finance a property on a short lease

Nearly all mortgage lenders insist on a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is probable that someone wanting to purchase your property in the future might well do, so if they are not able to get a mortgage, then the market price of the property will likely suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Hook lease extensions?

Irrespective of whether you are a tenant or a freeholder in Hook,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hook valuers.

Hook Lease Extension Case Summaries:

Zoe, Hook, Hampshire,

Off the back of protracted discussions with the freeholder of her basement apartment in Hook, Zoe started the lease extension process as the 80 year mark was rapidly nearing. The lease extension was finalised in September 2015. The landlord’s costs were kept to an absolute minimum.

Hook case:

In 2014 we were contacted by Ms Chantelle Anderson who, having purchased a first floor apartment in Hook in November 1995. We are asked if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Similar properties in Hook with 100 year plus lease were in the region of £242,600. The average ground rent payable was £45 billed per annum. The lease terminated on 23 April 2093. Having 67 years remaining we calculated the compensation to the landlord to extend the lease to be between £11,400 and £13,200 not including costs.