Main reasons to start your Hampton Hill lease extension
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<h3> Top reasons for lease extension now:
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Increase your lease and increase your <a href="http://www.lendermonitor.com/conveyancing/loc/hampton-hill">Hampton Hill</a> property value </h4>
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Hampton Hill leases on domestic deteriorating in value. Where your lease has approximately ninety years unexpired, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Hampton Hill will usually be legally entitled to a lease extension; however a solicitor will check your eligibility. In certain cases you may not be entitled. There are also strict deadlines and steps to comply with once the process has started so it’s wise to be guided by a conveyancing solicitor during the process.
<h4>Hampton Hill property with a lease extension has roughly the same value as a freehold</h4>
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Leasehold properties in Hampton Hill with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it. <h4>Lending institutions may not finance a property on a short lease</h4> Almost all banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate lending on it. Regardless of whether you need a mortgage, you should keep in mind that it is probable that someone intending to buy your property in the future might well do, so in the event that they can't secure a mortgage, then the value of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on <p>
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<tr><th>Lender</th>
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<td>Godiva Mortgages</td>
<td> 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.
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<td>Lloyds TSB Scotland</td>
<td> Minimum 70 years from the date of the mortgage.
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<td>Santander</td>
<td> You must report the unexpired lease term to us and await our instructions if: <br />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<br />2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or<br />3. no valuation report is provided<br />However, we will not accept a lease where on expiry of the mortgage:<br />(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or<br />(ii) less than 30 years remain and the loan is repaid on a capital and interest basis<br /><br />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.
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<td>TSB</td>
<td> Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
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<td>Yorkshire Building Society</td>
<td> 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.
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<h4> Get in touch with one of our Hampton Hill lease extension solicitors or enfranchisement solicitors
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Lease extensions in Hampton Hill can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor with experience in this area.
<p>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 a wealth of experience dealing with 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.
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Hampton Hill Lease Extension Case Studies:
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<h5> Rachael, Hampton Hill, North London,</h5>
<p> After protracted correspondence with the landlord of her purpose-built apartment in Hampton Hill, Rachael commenced the lease extension process just as the lease was coming close to the all-important 80-year mark. The transaction completed in February 2006. The freeholder’s charges were kept to an absolute minimum.
<h5>Hampton Hill case:</h5>
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Last Spring we were phoned by Mrs Megan Edwards , who
took over the lease of a newly refurbished flat in Hampton Hill in August 2007. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Similar flats in Hampton Hill with an extended lease were in the region of £260,000. The mid-range ground rent payable was £50 collected every twelve months. The lease concluded in 2098. Taking into account 72 years remaining we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of costs.
<div> <h5>Decision in Hounslow</h5>
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An example of a Lease Extension matter before the tribunal for a Hampton Hill residence 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 unexpired lease term was 60.45 years.
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