Why you should commence your Hampton Wick lease extension

Why you should commence your Hampton Wick lease extension today:

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

It’s an underpublicised certainty that a Hampton Wick residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Hampton Wick property market.Once your lease nears 85ish years, you should start considering a lease extension. If the number of years remaining falls below 80 years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Hampton Wick will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process is initiated and you will need to be guided by your conveyancer for the duration of the process.

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

Leasehold premises in Hampton Wick with more than 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to grant a mortgage on a short lease

Most banks and building societies will be unwilling to lend on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this could result in your Hampton Wick property becoming difficult to dispose of or remortgage.

What makes us experts in Hampton Wick lease extensions?

Regardless of whether you are a tenant or a freeholder in Hampton Wick,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hampton Wick valuers.

Hampton Wick Lease Extension Case Summaries:

Kai, Hampton Wick, North London

In recent months Kai, came very close to the eighty-year threshold with the lease on his one bedroom apartment in Hampton Wick. In buying his property two decades ago, the length of the lease was of no concern. Luckily, he became aware that he needed to take steps soon on a lease extension. Kai was able to extend his lease at the eleventh hour in January. Kai and the freeholder via the managing agents in the end agreed on an amount of £5,000 . If he had missed the deadline, the figure would have gone up by at least £1,050.

Hampton Wick case:

In 2013 we were approached by Mrs Natalie Morel who, having completed a one bedroom apartment in Hampton Wick in May 2010. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Hampton Wick with 100 year plus lease were valued about £191,400. The average ground rent payable was £55 billed monthly. The lease lapsed in 2080. Having 54 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £34,200 and £39,600 plus fees.