Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Hampton Hill. Clearly, the period of lease left reduces as time goes by. This may slip by relatively unnoticed when the flat or house needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease. Eligible long lease owners in Hampton Hill have the right to extend the lease for an additional ninety years under Leasehold Reform legislation. Please give due consideration before putting off your Hampton Hill lease extension. Holding off that expense now likely increases the price you will ultimately incur for a lease extension
It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start of the mortgage. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage. |
Engaging our service will provide you better control over the value of your Hampton Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Adam owned a studio apartment in Hampton Hill on the market with a lease of just over 61 years unexpired. Adam on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 annually. Ordinarily, ground rent would not be due on a lease extension were Adam to exercise his statutory right. Adam procured expert advice and was able to make a more informed judgement and handle with the matter and ending up with a market value flat.
Dr Ethan Clarke acquired a one bedroom flat in Hampton Hill in February 1995. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Identical premises in Hampton Hill with a long lease were valued around £260,000. The average ground rent payable was £50 collected every twelve months. The lease expired on 17 March 2097. Taking into account 71 years remaining we estimated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of 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 affected 1 flat. The unexpired term was 60.45 years.