As the length of the unexpired term of a Hammersmith residential lease decreases so does its value and therefore the value of your property. If the lease has, over 125 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending sooner rather than later. Many flat owners in Hammersmith will meet the qualifying criteria; however a conveyancing solicitor can confirm whether you are eligible to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.
Leasehold properties in Hammersmith with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| Santander | You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided However, we will not accept a lease where on expiry of the mortgage: (i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or (ii) less than 30 years remain and the loan is repaid on a capital and interest basis We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
Lease extensions in Hammersmith can be a difficult process. We recommend you get guidance from a conveyancer and valuer 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 Hammersmith lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of unsuccessful correspondence with the freeholder of her studio apartment in Hammersmith, Abigail started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The legal work was concluded in November 2011. The freeholder’s charges were kept to an absolute minimum.
Last June we were e-mailed by Mr and Mrs. K Ward , who acquired a purpose-built apartment in Hammersmith in October 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Similar properties in Hammersmith with an extended lease were worth £260,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed in 2098. Having 73 years unexpired we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including legals.
An example of a Freehold Enfranchisement case for a Hammersmith flat is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case was in relation to 2 flats. The unexpired term was 68.32 years.