Top reasons for Hampton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hampton property value

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

An extended lease has roughly the same value as a freehold

Leasehold premises in Hampton with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Mortgage lenders may not finance a property with a short lease

Most banks and building societies insist on a lengthy amount of time remaining on any leasehold residence before they will contemplate lending on it. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone wishing to buy your property in the future might well do, so in the event that they are not able to obtain a mortgage, then the market price of the property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are prepared to grant a mortgage on

Why use us for your lease extension in Hampton?

Engaging our service gives you increased control over the value of your Hampton leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hampton Lease Extension Example Cases:

Michael, Hampton, South West London

In recent months Michael, came dangerously near to the 80-year threshold with the lease on his one bedroom apartment in Hampton. In buying his flat twenty years ago, the unexpired term was of little concern. Luckily, he noticed he would imminently be paying way over the odds for a lease extension. Michael arranged for a lease extension just in the nick of time in May. Michael and the landlord eventually agreed on an amount of £5,000 . If he had missed the deadline, the price would have escalated by a minimum £850.

Hampton case:

In 2014 we were called by Dr Henry Campbell who, having was assigned a lease of a first floor flat in Hampton in January 1998. The question was if we could shed any light on how much (approximately) premium could be for a ninety year lease extension. Identical properties in Hampton with 100 year plus lease were worth £237,600. The average amount of ground rent was £45 invoiced quarterly. The lease came to a finish on 20 March 2093. Taking into account 67 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 plus expenses.