Top reasons for Hampton Hill lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hampton Hill can extend the lease for an additional ninety years in accordance with statute. Please think carefully before delaying your Hampton Hill lease extension. Putting off that expense now simply escalates the premium you will ultimately have to pay for a lease extension.

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

Leasehold premises in Hampton Hill with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to finance a property with a short lease

What makes us experts in Hampton Hill lease extensions?

The conveyancing solicitors that we work with procure Hampton Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Hampton Hill Lease Extension Case Summaries:

Ethan, Hampton Hill, North London,

Ethan owned a studio apartment in Hampton Hill being marketed with a lease of a few days over 72 years outstanding. Ethan on an informal basis contacted his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Ethan to invoke his statutory right. Ethan obtained expert advice and secured satisfactory deal informally and sell the property.

Hampton Hill case:

Last Spring we were contacted by Mr and Mrs. M Allen , who moved into a basement flat in Hampton Hill in January 1998. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical homes in Hampton Hill with an extended lease were in the region of £218,000. The average ground rent payable was £45 collected yearly. The lease lapsed on 14 May 2089. Given that there were 63 years outstanding we estimated the premium to the landlord for the lease extension to be between £17,100 and £19,800 exclusive of professional charges.