Why you should start your Hampton Hill lease extension

Why you should start your Hampton Hill lease extension today:

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

Hampton Hill leases on residential deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for a lease extension to be in place before the term of the existing lease falls under 80 years - otherwise a higher premium will be payable. Leasehold owners in Hampton Hill will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to check your eligibility. In certain situations you may not be entitled. There are also strict deadlines and steps to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.

Hampton Hill property with a lease extension has roughly the same value as a freehold

Leasehold premises in Hampton Hill with in excess of 100 years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may decide not to lend with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below 75 years as they are deemed to be inadequate for lending purposes.

Why use us for your lease extension in Hampton Hill?

Lease extensions in Hampton Hill can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Hampton Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hampton Hill Lease Extension Example Cases:

Owen, Hampton Hill, North London

In recent months Owen, came critically near to the 80-year threshold with the lease on his studio flat in Hampton Hill. In buying his property twenty years previously, the length of the lease was of little relevance. Luckily, he noticed he needed to take steps soon on a lease extension. Owen was able to extend his lease just under the wire in August. Owen and the freeholder via the managing agents subsequently agreed on an amount of £5,500 . If he failed to meet the deadline, the premium would have gone up by at least £1,075.

Hampton Hill case:

Mrs Catherine Fournier bought a purpose-built flat in Hampton Hill in May 2001. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by an additional years. Comparative flats in Hampton Hill with 100 year plus lease were valued around £270,000. The mid-range ground rent payable was £55 collected quarterly. The lease terminated in 2100. Having 74 years outstanding we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including expenses.