Why you should commence your Hampton Wick lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hampton Wick property value

The only way is down when it comes to Hampton Wick lease terms. Hampton Wick flats that have a remaining term shorter than 80 years will reduce in market price at a rapid rate, and the cost to extend your lease will rise.

Hampton Wick property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not loan monies on a short lease

Mortgage companies are really restricting their approach as regards to properties in Hampton Wick with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of prospective buyers.

What makes us experts in Hampton Wick lease extensions?

Using our service will provide you better 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 in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hampton Wick Lease Extension Example Cases:

Eliot, Hampton Wick, North London

Two years ago Eliot, came precariously near to the 80-year mark with the lease on his studio apartment in Hampton Wick. Having bought his home two decades ago, the unexpired term was of no significance. As luck would have it, he recognised he would imminently be paying way over the odds for a lease extension. Eliot extended the lease just under the wire in July. Eliot and the landlord subsequently settled on a premium of £5,500 . If the lease had slid below eighty years, the price would have increased by at least £1,050.

Hampton Wick case:

Mr and Mrs. G Clark owned a first floor flat in Hampton Wick in January 1998. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparative properties in Hampton Wick with 100 year plus lease were worth £171,800. The mid-range ground rent payable was £55 invoiced monthly. The lease concluded on 22 September 2076. Taking into account 50 years unexpired we estimated the premium to the freeholder for the lease extension to be within £33,300 and £38,400 not including costs.