Why you should start your Hammersmith lease extension

Main reasons to commence your Hammersmith lease extension today:

A Hammersmith lease depreciates with the years remaining on the lease.

The market value of a leasehold property in Hammersmith depends on how many years the lease has left to run. If it is near to or less than eighty years you should expect difficulties on re-sale, so it is recommended to arrange for a lease extension before buying. It is preferable to start the process of extending the lease is when a lease still has 82 years remaining so that formalities can be concluded in advance of the eighty year mark. Leasehold Reform legislation enables Hammersmith qualifying lessees to an additional term of 90 years in addition to the remaining term, at a nominal rent (zero ground rent). The intention of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the purchase of the lease extension.

Hammersmith property with a lease extension is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not finance a property on a short lease

Most high street banks are making their criteria more stringent and many now want flats to have at least sixty if not seventy years remaining at the expiry of the mortgage. As many flats in Hammersmith were built in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to obtain a mortgage.

What makes us experts in Hammersmith lease extensions?

Irrespective of whether you are a tenant or a landlord in Hammersmith,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hammersmith valuers.

Hammersmith Lease Extension Example Cases:

Noah, Hammersmith, West London,

Noah was the the leasehold proprietor of a 2 bedroom apartment in Hammersmith being marketed with a lease of a little over fifty eight years outstanding. Noah informally contacted his landlord a well known Bristol-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Noah to exercise his statutory right. Noah obtained expert legal guidance and secured satisfactory resolution without resorting to tribunal and readily saleable.

Hammersmith case:

Last year we were e-mailed by Dr Isabella Wood , who was assigned a lease of a purpose-built flat in Hammersmith in January 2007. We are asked if we could estimate the price would be for a ninety year lease extension. Comparative homes in Hammersmith with a long lease were valued about £166,400. The average amount of ground rent was £60 invoiced every twelve months. The lease concluded in 2080. Given that there were 54 years unexpired we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of fees.