Top reasons for Hampton Hill lease extension

Main reasons to start your Hampton Hill lease extension today:

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

Hampton Hill leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for the lease extension to take place before the term of the current lease dips under eighty years - otherwise a higher premium will be payable. Leasehold owners in Hampton Hill will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some situations you may not qualify. There are prescribed deadlines and procedures to follow once the process is triggered so it’s prudent to be guided by a conveyancer during the process.

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend with a short lease

Mortgage companies are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years left at the expiry of the mortgage. As plenty of flats in Hampton Hill were built in the 1950s, 1960s and 1970s this means many now require lease extensions if they if they are to be mortgageable.

What makes us experts in Hampton Hill lease extensions?

Retaining our service gives you enhanced control over the value of your Hampton Hill leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hampton Hill Lease Extension Example Cases:

Emily, Hampton Hill, North London,

In the wake of 9 months of protracted correspondence with the freeholder of her two bedroom flat in Hampton Hill, Emily commenced the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension completed in April 2012. The freeholder’s fees were negotiated to slightly above six hundred pounds.

Hampton Hill case:

Dr Rachel Miller purchased a one bedroom flat in Hampton Hill in August 2003. The question was if we could approximate the price would be to prolong the lease by ninety years. Similar residencies in Hampton Hill with an extended lease were valued about £290,000. The mid-range amount of ground rent was £60 billed per annum. The lease terminated in 2105. Considering the 80 years left we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 not including legals.