Top reasons for Hampton lease extension

Why you should start your Hampton lease extension today:

Increase your lease and increase your Hampton property value

On the balance of probabilities where you own a flat in Hampton you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Hampton with in excess of one hundred 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 home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges justify it.

Lending institutions may not lend on a short lease

Lending institutions have specific criteria when lending monies charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term drops below a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are seeking to remortgage your Hampton home.

Why use us for your lease extension in Hampton?

Regardless of whether you are a tenant or a landlord in Hampton,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hampton valuers.

Hampton Lease Extension Case Summaries:

Eliot, Hampton, South West London,

Eliot was the the leasehold owner of a studio flat in Hampton on the market with a lease of a little over 72 years remaining. Eliot on an informal basis approached his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Eliot to exercise his statutory right. Eliot obtained expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

Hampton case:

Ms M Sharif acquired a one bedroom flat in Hampton in January 2010. We are asked if we could approximate the price would be for a 90 year extension to my lease. Comparative premises in Hampton with an extended lease were in the region of £256,600. The mid-range amount of ground rent was £60 collected quarterly. The lease end date was in 2078. Considering the 52 years remaining we calculated the premium to the landlord for the lease extension to be within £41,800 and £48,400 exclusive of expenses.