Top reasons for Hoxton lease extension

Main reasons to commence your Hoxton lease extension today:

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

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. your lease will usually be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Hoxton. Inevitably, the term of lease remaining shortens as time goes by. This may slip by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The shorter the lease the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Hoxton have the right to extend the lease for a further ninety years under statute. Please give due deliberation before delaying your Hoxton lease extension. Holding off the cost now likely increases the price you will ultimately have to pay for a lease extension

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

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

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

Hoxton Lease Extension Example Cases:

Ibrahim, Hoxton, London,

Ibrahim was the the leasehold owner of a studio flat in Hoxton being marketed with a lease of fraction over sixty years left. Ibrahim on an informal basis contacted his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £50 annually. No ground rent would be payable on a lease extension were Ibrahim to invoke his statutory right. Ibrahim procured expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

Hoxton case:

Last month we were called by Dr Aarav Rivera , who took over the lease of a recently refurbished flat in Hoxton in May 1999. The question was if we could approximate the compensation to the landlord would be for a ninety year lease extension. Similar premises in Hoxton with a long lease were worth £275,000. The mid-range amount of ground rent was £65 billed annually. The lease lapsed on 22 March 2094. Taking into account 68 years left we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 not including fees.