Main reasons to commence your Bayswater lease extension

Top reasons for lease extension now:

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

The re-sale value of a leasehold property in Bayswater depends on how long the lease has left to run. If it is close to or fewer than eighty years you should envisage problems on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is preferable to commence the process of extending the lease is when a lease still has 82 years to run so that a lease extension can be addressed in advance of the 80 year mark. Statute enables Bayswater qualifying lessees to an additional term of 90 years in addition to the unexpired term, at a nominal rent (no ground rent). The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

Bayswater property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to lend with a short lease

Many banks and building societies will not lend on a lease with less than seventy years left to run - although this varies from lender to lender. A purchaser will likely encounter difficulties in obtaining a mortgage and this will result in your Bayswater property being difficult to dispose of or to obtain finance on.

Why use us for your lease extension in Bayswater?

Lease extensions in Bayswater can be a difficult process. We recommend you secure professional help from a lawyer and surveyor with experience in this area.

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 procuring Bayswater lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bayswater Lease Extension Example Cases:

Aaron, Bayswater, London

During the course of the last few months Aaron, started to get close to the 80-year threshold with the lease on his ground floor apartment in Bayswater. Having bought his home two decades ago, the length of the lease was of minimal importance. Thankfully, he became aware that he needed to take action soon on Extending the lease. Aaron was able to extend his lease just in the nick of time last March. Aaron and the freeholder via the management company ultimately agreed on a premium of £5,500 . If he had missed the deadline, the sum would have gone up by a minimum £1,100.

Bayswater case:

In 2010 we were contacted by Mr and Mrs. D Reed who, having bought a garden apartment in Bayswater in August 1995. The dilemma was if we could approximate the price would be to prolong the lease by ninety years. Similar flats in Bayswater with an extended lease were in the region of £256,600. The mid-range ground rent payable was £60 collected every twelve months. The lease lapsed on 18 January 2078. Taking into account 52 years left we approximated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of expenses.