Top reasons for Hull lease extension

Why you should commence your Hull lease extension today:

Increase your lease and increase your Hull property value

Hull leases on domestic properties are gradually losing value. Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term dips under 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Hull will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain cases you may not qualify. There are prescribed timetables and procedures to comply with once the process has started so it’s prudent to be guided by a conveyancing solicitor during the process.

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

It is generally accepted that a residential leasehold with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders may not grant a mortgage on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet banks and building societies start to get concerned at around 75 years. This may be problematic as and when you wish to market or refinance your flat as it will be effectively unmortgageable. Even though you might not have an imminent desire to sell but when you do your buyer must wait a couple of years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Hull?

Regardless of whether you are a tenant or a landlord in Hull,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 Hull valuers.

Hull Lease Extension Example Cases:

Blake, Hull, East Yorkshire,

Blake owned a conversion flat in Hull on the market with a lease of a little over sixty years unexpired. Blake informally spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Blake to invoke his statutory right. Blake obtained expert advice and secured an acceptable deal informally and readily saleable.

Hull case:

Last Christmas we were phoned by Dr Michael Morel , who completed a first floor flat in Hull in January 1997. We are asked if we could approximate the premium would be to prolong the lease by 90 years. Comparable residencies in Hull with a long lease were valued around £174,200. The average amount of ground rent was £55 collected every twelve months. The lease expired in 2077. Taking into account 51 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 plus costs.

Hull case:

Mrs Isabelle Clark moved into a studio apartment in Hull in June 2004. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by ninety years. Comparable homes in Hull with a long lease were worth £285,000. The average amount of ground rent was £45 billed quarterly. The lease ran out on 1 April 2097. Having 71 years outstanding we approximated the compensation to the landlord for the lease extension to be within £12,400 and £14,200 plus fees.