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Main reasons to start your Hampton Hill lease extension

Why you should commence your Hampton Hill lease extension today:

Increase your lease and increase your Hampton Hill property value

The only way is down when it comes to Hampton Hill lease terms. Hampton Hill properties that have a lease term lower than eighty years will drop in market price at a rapid rate, and the cost to extend your lease will increase.

An extended lease is almost the same value as a freehold

Leasehold properties in Hampton Hill with in excess of 100 years remaining 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not loan monies on a short lease

Mortgage Lenders vary in their lending criteria. Some set the bar at seventy five years left on the lease; others may be prepared to lend with anything with more than seventy years. With less than sixty years, it may be impossible to obtain a mortgage in the first place.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with greater than 70 years but fewer than 85 years remaining must be referred to issuing office.

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
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.

What makes us experts in Hampton Hill lease extensions?

The conveyancing solicitors that we work with procure Hampton Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Hampton Hill Lease Extension Case Summaries:

Joseph, Hampton Hill, North London

In 2014 Joseph, started to get close to the 80-year threshold with the lease on his one bedroom flat in Hampton Hill. Having purchased his flat 18 years ago, the unexpired term was of no importance. Fortunately, it dawned on him that he would soon be paying an escalated premium for Extending the lease. Joseph extended the lease at the eleventh hour in March. Joseph and the landlord in the end agreed on the final figure of £5,000 . If he failed to meet the deadline, the premium would have gone up by a minimum £1,025.

Hampton Hill case:

Mr Riley Morris acquired a recently refurbished flat in Hampton Hill in July 1996. The dilemma was if we could approximate the premium would be to prolong the lease by an additional years. Similar homes in Hampton Hill with an extended lease were valued about £235,200. The average ground rent payable was £45 invoiced every twelve months. The lease terminated on 4 September 2090. Having 66 years outstanding we approximated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.

Decision in Hounslow

An example of a Lease Extension matter before the tribunal 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 unexpired lease term was 60.45 years.