Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Hampton. Inevitably, the period of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the flat or house needs to be sold or refinanced. The shorter the lease the lower the value of the property and the more expensive it will be to procure a lease extension. Eligible leaseholders in Hampton have the right to extend the lease for a further 90 years under statute. Do give due consideration before delaying your Hampton lease extension. Putting off the cost now only increases the price you will eventually incur to extend your lease
Leasehold premises in Hampton with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Chelsea Building Society | 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower. |
| Halifax | Minimum 70 years from the date of the mortgage. |
| 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 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 a wealth of experience procuring Hampton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Off the back of lengthy discussions with the landlord of her two bedroom flat in Hampton, Catherine started the lease extension process as the eighty year mark was swiftly nearing. The legal work was concluded in October 2008. The landlord’s fees were restricted to slightly above 450 GBP.
In 2010 we were e-mailed by Mr and Mrs. Y Lambert who, having purchased a recently refurbished apartment in Hampton in June 2003. We are asked if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Comparative homes in Hampton with a long lease were worth £203,200. The mid-range ground rent payable was £65 invoiced yearly. The lease lapsed on 25 October 2087. Taking into account 61 years outstanding we estimated the premium to the landlord for the lease extension to be between £19,000 and £22,000 exclusive of expenses.
An example of a Lease Extension case for a Hampton premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The number of years remaining on the existing lease(s) was 82.93 years.