Why you should commence your Hopton lease extension

Why you should commence your Hopton lease extension today:

Increase your lease and increase your Hopton property value

Hopton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Hopton residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hopton you really ought to investigate if your lease has between seventy and 90 years remaining. There are good reasons why a Hopton flat owner with a lease having around eighty years unexpired should take steps to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold properties in Hopton with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may not loan monies with a short lease

Most banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Even if you don't require a mortgage, you should be aware that it is reasonable to assume that someone intending to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

What makes us experts in Hopton lease extensions?

Lease extensions in Hopton can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor 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 dealing with 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 Example Cases:

Aiden, Hopton, Norfolk,

Aiden owned a 2 bedroom apartment in Hopton being sold with a lease of fraction over fifty eight years remaining. Aiden on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £125 per annum. Ordinarily, ground rent would not be payable on a lease extension were Aiden to exercise his statutory right. Aiden procured expert advice and secured an acceptable deal informally and ending up with a market value flat.

Hopton case:

Mr and Mrs. J Thompson owned a studio apartment in Hopton in March 2000. The question was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Identical homes in Hopton with 100 year plus lease were worth £193,400. The average amount of ground rent was £65 billed quarterly. The lease end date was in 2085. Considering the 59 years as a residual term we calculated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 plus expenses.

Hopton case:

In 2014 we were called by Mr and Mrs. V Scott who, having acquired a newly refurbished apartment in Hopton in September 2012. The question was if we could approximate the price could be for a 90 year lease extension. Similar premises in Hopton with a long lease were in the region of £255,000. The average ground rent payable was £50 collected monthly. The lease expired on 16 June 2096. Having 70 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £10,500 and £12,000 not including costs.