Top reasons for Hampton lease extension

Main reasons to start your Hampton lease extension today:

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

With a domestic leasehold premises in Hampton, you are actually purchasing an entitlement to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive notably once there are less than eighty years remaining. Leasehold owners in Hampton with a lease nearing 81 years left should seriously consider extending it sooner than later. When a lease has fewer than 80 years left, under the relevant legislation the freeholder can calculate and charge a greater premium, assessed on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

Leasehold premises in Hampton with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies may not loan monies with a short lease

The definition of a short lease varies by mortgage company, yet banks and building societies start to become nervous at around 75 years. This will cause difficulties as and when you wish to dispose of or remortgage your property as it will be effectively unmortgageable. You might have no imminent desire to sell but when you do your buyer will have to hold off for a couple of years before they can initiate the legal procedures for an extension to the lease.

Why use us for your lease extension in Hampton?

Retaining our service will provide you enhanced control over the value of your Hampton leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hampton Lease Extension Example Cases:

Logan, Hampton, South West London

Two years ago Logan, came perilously close to the 80-year threshold with the lease on his ground floor apartment in Hampton. In buying his property two decades ago, the unexpired term was of little importance. Luckily, he became aware that he needed to take steps soon on a lease extension. Logan arranged for a lease extension at the eleventh hour last June. Logan and the landlord subsequently agreed on sum of £5,500 . If he failed to meet the deadline, the amount would have gone up by a minimum £850.

Hampton case:

In 2014 we were e-mailed by Dr Blake Bertrand who, having owned a one bedroom apartment in Hampton in June 2006. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by an additional years. Comparable premises in Hampton with 100 year plus lease were in the region of £255,000. The average ground rent payable was £50 collected annually. The lease terminated on 2 November 2097. Given that there were 71 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.