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Main reasons to start your Hampstead lease extension

Main reasons to start your Hampstead lease extension today:

Increase your lease and increase your Hampstead property value

Hampstead residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to loan monies with a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Hampstead property becoming difficult to sell or refinance.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our Hampstead lease extension solicitors or enfranchisement solicitors

Lease extensions in Hampstead can be a difficult process. We recommend you get guidance from a lawyer 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 Hampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hampstead Lease Extension Example Cases:

Madeleine, Hampstead, North London,

Following protracted negotiations with the landlord of her basement flat in Hampstead, Madeleine initiated the lease extension process as the 80 year mark was fast coming. The transaction was concluded in April 2012. The freeholder’s charges were restricted to a tad over 500 pounds.

Hampstead case:

Mr Omar Moore purchased a one bedroom flat in Hampstead in May 1995. The dilemma was if we could shed any light on how much (approximately) price could be to prolong the lease by an additional years. Comparable homes in Hampstead with an extended lease were worth £264,000. The mid-range ground rent payable was £60 billed every twelve months. The lease finished in 2078. Considering the 53 years outstanding we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 not including professional charges.

Decision in Camden

An example of a Lease Extension case for a Hampstead residence is Raised Ground Floor Flat 20 Fitzjohns Avenue in July 2014. the Tribunal decided that the premiums to be paid for new leases in respect of the Raised Ground Floor Flat and the First Floor Flat were to be calculated as: Raised Ground Floor: £765,175.14 First Floor: £601,617.77 This case was in relation to 2 flats. The unexpired lease term was 16.83 and 16.43.