Top reasons for Hampton lease extension

Why you should commence your Hampton lease extension today:

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

Unfortunately that a Hampton residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Hampton property market.Once your lease gets to 85ish years, you should start considering a lease extension. If lease term slips under eighty 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 Most flat owners in Hampton will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the process.

An extended lease is almost the same value as a freehold

Leasehold properties in Hampton with over one hundred years unexpired 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders will not loan monies on a short lease

The propensity since the credit crunch has been for lenders to tighten lending requirements generally - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by banks has increased. In the past banks were content with twenty years plus the term of the loan - typically fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Why use us for your lease extension in Hampton?

Lease extensions in Hampton can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor 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:

Amber, Hampton, South West London,

In the wake of 9 months of lengthy discussions with the freeholder of her two bedroom apartment in Hampton, Amber commenced the lease extension process just as the lease was nearing the critical 80-year deadline. The transaction was concluded in September 2007. The landlord’s costs were negotiated to approximately 500 GBP.

Hampton case:

Mrs Danielle Brown completed a ground floor apartment in Hampton in June 2004. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Comparable homes in Hampton with a long lease were valued around £285,000. The average amount of ground rent was £55 collected annually. The lease expired in 2105. Considering the 79 years unexpired we estimated the premium to the landlord for the lease extension to be within £13,300 and £15,400 not including costs.