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Main reasons to start your Hampton Hill lease extension

Top reasons for lease extension now:

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

On the balance of probabilities if you own a flat in Hampton Hill you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

Leasehold premises in Hampton Hill with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders will not lend on a short lease

Many banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone wanting to buy your property in the future might well do, so in the event that they are unable to get a mortgage, then the financial worth of your property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to grant a mortgage on

Lender Requirement
Accord Mortgages 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.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society 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.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

Why use us for your lease extension in Hampton Hill?

Irrespective of whether you are a tenant or a freeholder in Hampton Hill,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hampton Hill valuers.

Hampton Hill Lease Extension Case Summaries:

Benjamin, Hampton Hill, North London

During the course of the last few months Benjamin, came critically close to the eighty-year threshold with the lease on his one bedroom flat in Hampton Hill. In buying his home two decades ago, the unexpired term was of no bearing. As luck would have it, he recognised he would imminently be paying way over the odds for a lease extension. Benjamin extended the lease at the eleventh hour last July. Benjamin and the landlord ultimately agreed on the final figure of £6,000 . If he failed to meet the deadline, the figure would have become more exhorbitant by at least £850.

Hampton Hill case:

Last March we were contacted by Ms Jennifer Richardson , who was assigned a lease of a first floor flat in Hampton Hill in March 1996. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Comparable properties in Hampton Hill with an extended lease were worth £275,000. The mid-range ground rent payable was £55 invoiced per annum. The lease termination date was in 2102. Considering the 76 years as a residual term we approximated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.

Decision in Hounslow

An example of a Lease Extension matter before the tribunal for a Hampton Hill property 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 related to 1 flat. The remaining number of years on the lease was 60.45 years.