As the the remaining lease term of a Hampton Hill domestic lease diminished so does its value and therefore the value of your property. If the residual term has, over 99 years remaining then this decrease may be negligible nevertheless there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the main reason why you should extend the lease sooner rather than later. Many flat owners in Hampton Hill will meet the qualifying criteria; nevertheless a conveyancing solicitor can advise if you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold residencies in Hampton Hill with over one hundred years outstanding on the lease are often referred to as ‘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 buying the freehold unless savings on ground rent and estate charges merit it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | |
| Coventry Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Retaining our service will provide you enhanced control over the value of your Hampton Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
Last year Lucas, started to get close to the eighty-year threshold with the lease on his ground floor flat in Hampton Hill. In buying his property two decades ago, the length of the lease was of little bearing. by good luck, he noticed he needed to take action soon on Extending the lease. Lucas was able to extend his lease just ahead of time last August. Lucas and the landlord who owned the flat above ultimately agreed on an amount of £5,000 . If the lease had fallen lower than 80 years, the amount would have escalated by at least £975.
Mr and Mrs. K Bell purchased a first floor apartment in Hampton Hill in May 2007. We are asked if we could estimate the premium would likely be to extend the lease by ninety years. Similar properties in Hampton Hill with an extended lease were valued around £280,000. The average amount of ground rent was £55 collected per annum. The lease expired on 15 October 2104. Given that there were 78 years unexpired we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.
An example of a Lease Extension matter before the tribunal for a Hampton Hill property is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case related to 1 flat. The number of years remaining on the existing lease(s) was 60.45 years.