There is no doubt about it a leasehold property in Hampton Hill is a wasting asset as a result of the shortening lease. Where the residual term has, in excess of one hundred years to run then this decrease may be fractional however there will become a point in time when a lease has less than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main reason why you should consider extending sooner rather than later. Many flat owners in Hampton Hill will meet the qualifying criteria; however a conveyancing solicitor can confirm if you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.
It is generally accepted that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for decades to come.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages | |
| Leeds Building Society |
Lease extensions in Hampton Hill can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in this area.
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 procuring 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.
Dylan owned a high value flat in Hampton Hill being sold with a lease of fraction over 61 years outstanding. Dylan on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Dylan to exercise his statutory right. Dylan obtained expert legal guidance and was able to make an informed decision and deal with the matter and readily saleable.
Last Summer we were contacted by Mrs Ellen Nguyen , who took over the lease of a garden flat in Hampton Hill in May 2001. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be for a 90 year extension to my lease. Similar residencies in Hampton Hill with an extended lease were valued around £255,000. The average amount of ground rent was £50 collected monthly. The lease came to a finish in 2096. Taking into account 70 years left we approximated the premium to the landlord for the lease extension to be between £9,500 and £11,000 not including fees.
An example of a Lease Extension case for a Hampton Hill flat 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 was in relation to 1 flat. The unexpired lease term was 60.45 years.