With a residential leasehold property in Hampton Wick, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly once there are fewer than 80 years remaining. Anyone in Hampton Wick with a lease approaching 81 years left should seriously consider extending it without delay. When a lease has less than eighty years left, under the relevant statute the landlord is entitled to calculate and charge a greater premium, based on a technical computation, strangely termed as “marriage value” which is payable.
Leasehold premises in Hampton Wick with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Birmingham Midshires | Minimum 70 years from the date of the mortgage. |
| Leeds Building Society | 85 years remaining from the start 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. |
Lease extensions in Hampton Wick can be a difficult process. We recommend you procure professional help from a lawyer and surveyor well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Hampton Wick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Two years ago Ollie, started to get near to the eighty-year threshold with the lease on his basement apartment in Hampton Wick. In buying his flat two decades ago, the length of the lease was of minimal concern. Thankfully, he realised he would soon be paying an inflated amount for Extending the lease. Ollie extended the lease at the eleventh hour in September. Ollie and the freeholder via the managing agents ultimately settled on sum of £5,000 . If he not met the deadline, the price would have become more exhorbitant by a minimum £1,000.
In 2011 we were called by Dr A Phillips who, having owned a garden apartment in Hampton Wick in May 2004. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Comparable homes in Hampton Wick with an extended lease were valued around £275,000. The average ground rent payable was £45 billed yearly. The lease expiry date was in 2095. Given that there were 69 years unexpired we estimated the premium to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.
An example of a Lease Extension matter before the tribunal for a Hampton Wick flat is Flat D 15 Claremont Gardens in September 2013. TheTribunal determined in accordance with section48 and Schedule13 of the Leasehold Reform,Housing and Urban Development Act 1993 that the premium for the extended lease should be fourteen thousand one hundred and eighty seven pounds (£14,187.00) This case was in relation to 1 flat.