Why you should commence your Hampton Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hampton Hill property value

Hampton Hill leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Hampton Hill will mostly qualify for a lease extension; however it’s a good idea to check with a conveyancer to confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and steps to comply with once the process has started so it’s best to be guided by a conveyancer during the process.

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 30 years left, the premises will be equivalent in value to a freehold for many years ahead.

Lenders will not loan monies with a short lease

The trend since the credit crunch has been for lenders to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in Hampton Hill lease extensions?

Regardless of whether you are a tenant or a landlord in Hampton Hill,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hampton Hill valuers.

Hampton Hill Lease Extension Case Summaries:

Finley, Hampton Hill, North London,

Finley was the the leasehold owner of a conversion apartment in Hampton Hill on the market with a lease of a few days over fifty eight years left. Finley informally approached his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 annually. No ground rent would be payable on a lease extension were Finley to invoke his statutory right. Finley procured expert advice and secured an acceptable resolution without going to tribunal and readily saleable.

Hampton Hill case:

Dr Abbie Brown took over the lease of a one bedroom apartment in Hampton Hill in February 2010. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparative properties in Hampton Hill with an extended lease were worth £254,200. The mid-range ground rent payable was £60 collected per annum. The lease elapsed on 9 June 2077. Having 51 years remaining we calculated the premium to the freeholder to extend the lease to be between £43,700 and £50,600 plus expenses.