Chances are that if you own a flat in Hampton Hill you actually own a long leasehold interest over your property
It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| Birmingham Midshires | 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. |
| 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. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
Retaining our service gives you enhanced control over the value of your Hampton Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
In 2014 Seth, started to get near to the 80-year mark with the lease on his two bedroom flat in Hampton Hill. In buying his property two decades ago, the lease term was of no interest. Thankfully, he recognised he needed to take steps soon on a lease extension. Seth arranged for a lease extension just in the nick of time in April. Seth and the freeholder via the managing agents subsequently agreed on a premium of £5,000 . If he failed to meet the deadline, the figure would have increased by a minimum £850.
Last November we were e-mailed by Mrs W Edwards , who took over the lease of a ground floor apartment in Hampton Hill in October 2006. We are asked if we could approximate the compensation to the landlord would be to prolong the lease by a further 90 years. Comparative flats in Hampton Hill with an extended lease were valued around £183,600. The mid-range amount of ground rent was £65 invoiced annually. The lease ended on 15 November 2082. Taking into account 57 years outstanding we approximated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including costs.
An example of a Lease Extension decision for a Hampton Hill flat 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 affected 1 flat. The remaining number of years on the lease was 60.45 years.