Main reasons to start your Hampton Hill lease extension

Why you should commence your Hampton Hill lease extension today:

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

There is no doubt about it a leasehold flat or house in Hampton Hill is a wasting asset as a result of the shortening lease. If the residual term has, more than 99 years remaining then this decrease may be fractional however there will become a stage when a lease has fewer than 80 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 primary rational as to why you should extend the lease sooner rather than later. The majority of flat owners in Hampton Hill will qualify for this right; that being said a lawyer can advise whether you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Hampton Hill with more than one hundred 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 property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

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

Why use us for your lease extension in Hampton Hill?

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

Hampton Hill Lease Extension Case Summaries:

Gemma, Hampton Hill, North London,

After protracted correspondence with the landlord of her two bedroom apartment in Hampton Hill, Gemma commenced the lease extension process just as the lease was approaching the crucial 80-year deadline. The legal work was finalised in August 2008. The landlord’s costs were kept to an absolute minimum.

Hampton Hill case:

In 2013 we were e-mailed by Mrs P Lefebvre who, having purchased a garden flat in Hampton Hill in January 2004. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by an additional years. Comparative residencies in Hampton Hill with a long lease were valued about £173,800. The mid-range ground rent payable was £65 billed every twelve months. The lease expired in 2081. Having 55 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £31,400 and £36,200 not including expenses.