Why you should start your Hopton lease extension

Main reasons to commence your Hopton lease extension today:

Increase your lease and increase your Hopton property value

Hopton leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term is under eighty years, you will then have to pay 50% of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Hopton will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In some cases you may not qualify. There are also strict deadlines and procedures to comply with once the process has started so it’s wise to be guided by a conveyancer during the process.

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

Leasehold premises in Hopton with over 100 years left on the lease are sometimes referred to as ‘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 upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not issue a mortgage with a short lease

Mortgage lenders have specific criteria when loaning monies secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term falls beneath a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining below 75 years as adequate security. As well as impacting your ability to sell, it is also relevant where you are intending to remortgage your Hopton home.

What makes us experts in Hopton lease extensions?

Lease extensions in Hopton can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Hopton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hopton Lease Extension Case Studies:

Jade, Hopton, Norfolk,

Off the back of unsuccessful negotiations with the landlord of her two bedroom flat in Hopton, Jade initiated the lease extension process just as her lease was nearing the critical 80-year mark. The lease extension completed in November 2006. The landlord’s costs were negotiated to less than 500 pounds.

Hopton case:

Last month we were contacted by Mr and Mrs. U Peterson , who purchased a purpose-built flat in Hopton in March 2000. We are asked if we could approximate the compensation to the landlord would be to extend the lease by an additional years. Comparable flats in Hopton with an extended lease were worth £280,000. The average ground rent payable was £55 invoiced every twelve months. The lease ran out on 24 April 2104. Considering the 78 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus costs.

Hopton case:

Dr Robyn Williams purchased a one bedroom apartment in Hopton in April 1996. The question was if we could approximate the premium could be for a 90 year extension to my lease. Comparative properties in Hopton with a long lease were valued about £191,000. The mid-range amount of ground rent was £65 billed quarterly. The lease ended in 2084. Given that there were 58 years unexpired we approximated the premium to the freeholder to extend the lease to be between £23,800 and £27,400 exclusive of legals.