Main reasons to start your Hampton Hill lease extension

Main reasons to commence your Hampton Hill lease extension today:

A Hampton Hill lease depreciates with the years remaining on the lease.

Hampton Hill 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 becomes more expensive. Legislation has been in place for sometime now allowing qualifying Hampton Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hampton Hill you must see if your lease has between seventy and 90 years left. There are compelling reasons why a Hampton Hill leaseholder with a lease having around 80 years remaining should take steps to make sure that a lease extension is effected without delay

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

It is conventional wisdom that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not loan monies with a short lease

Why use us for your lease extension in Hampton Hill?

The lawyers that we work with procure Hampton Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hampton Hill Lease Extension Case Studies:

Stanley, Hampton Hill, North London,

Stanley was the the leasehold proprietor of a high value apartment in Hampton Hill being sold with a lease of a few days over 72 years remaining. Stanley 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 extend the lease to 125 years on the basis of a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Stanley to invoke his statutory right. Stanley obtained expert advice and secured an acceptable deal informally and readily saleable.

Hampton Hill case:

In 2010 we were approached by Mr and Mrs. L Wright who, having purchased a one bedroom apartment in Hampton Hill in January 2007. We are asked if we could approximate the price could be to prolong the lease by 90 years. Identical properties in Hampton Hill with a long lease were in the region of £193,400. The mid-range ground rent payable was £65 billed annually. The lease elapsed in 2085. Given that there were 59 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 plus fees.