Top reasons for Hampton Wick lease extension

Main reasons to commence your Hampton Wick lease extension today:

Increase your lease and increase your Hampton Wick property value

It’s a harsh truth that a Hampton Wick residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Hampton Wick property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If the number of years remaining slips below 80 years, you will then be required to pay 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 clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for decades to come.

Lenders may not grant a mortgage with a short lease

Almost all banks and building societies will be unwilling to lend on a lease with under 70 years left to run - although this varies between mortgage companies. A buyer will no doubt encounter difficulties in obtaining a mortgage and this could result in your Hampton Wick property being difficult to sell or remortgage.

What makes us experts in Hampton Wick lease extensions?

Retaining our service will provide you increased control over the value of your Hampton Wick leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hampton Wick Lease Extension Example Cases:

Jack, Hampton Wick, North London,

Jack owned a high value flat in Hampton Wick on the market with a lease of a few days over 59 years remaining. Jack informally spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Jack to invoke his statutory right. Jack obtained expert advice and was able to make an informed judgement and handle with the matter and readily saleable.

Hampton Wick case:

Mr and Mrs. I Young acquired a ground floor apartment in Hampton Wick in June 1999. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable properties in Hampton Wick with an extended lease were valued around £208,600. The average amount of ground rent was £60 collected every twelve months. The lease expired in 2083. Taking into account 57 years outstanding we calculated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including legals.