Top reasons for Hampton lease extension

Why you should start your Hampton lease extension today:

A Hampton leasehold property depreciates with the years remaining on the lease.

Chances are that 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 more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lending institutions may decide not to finance a property on a short lease

Many mortgage companies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A buyer will no doubt find it difficult in obtaining a mortgage and this will result in your Hampton property becoming difficult to sell or refinance.

Why use us for your lease extension in Hampton?

Lease extensions in Hampton can be a difficult process. We recommend you obtain guidance 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 dealing with Hampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hampton Lease Extension Case Summaries:

Sebastian, Hampton, South West London

18 months ago Sebastian, came critically near to the 80-year threshold with the lease on his ground floor flat in Hampton. Having purchased his home two decades ago, the lease term was of little importance. by good luck, he became aware that he would soon be paying an inflated amount for Extending the lease. Sebastian arranged for a lease extension at the eleventh hour in April. Sebastian and the freeholder via the managing agents subsequently settled on sum of £5,000 . If the lease had slid to less than 80 years, the amount would have become more exhorbitant by a minimum £1,125.

Hampton case:

In 2010 we were approached by Mrs Nicole Taylor who, having was assigned a lease of a purpose-built flat in Hampton in January 2003. We are asked if we could approximate the compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Hampton with a long lease were valued about £270,000. The average ground rent payable was £55 invoiced quarterly. The lease terminated on 25 April 2101. Having 75 years as a residual term we approximated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus legals.