Top reasons for Hammersmith lease extension

Top reasons for lease extension now:

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

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hammersmith may extend the lease for a further 90 years in accordance with statute. Please give careful consideration before delaying your Hammersmith lease extension. Shelving that expense today simply escalates the premium you will eventually be required to pay to extend the lease.

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

Leasehold premises in Hammersmith with over one hundred years remaining on the lease are sometimes 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lending institutions may decide not to finance a property with a short lease

What makes us experts in Hammersmith lease extensions?

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

Hammersmith Lease Extension Example Cases:

Aarav, Hammersmith, West London,

Aarav owned a 2 bedroom flat in Hammersmith being marketed with a lease of a few days over 59 years outstanding. Aarav on an informal basis spoke with his landlord a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Aarav to exercise his statutory right. Aarav procured expert legal guidance and secured satisfactory resolution informally and readily saleable.

Hammersmith case:

In 2013 we were called by Mr D Reed who, having acquired a first floor flat in Hammersmith in April 2011. We are asked if we could approximate the price would likely be to prolong the lease by an additional years. Comparable residencies in Hammersmith with a long lease were in the region of £250,000. The mid-range amount of ground rent was £50 collected every twelve months. The lease ran out on 20 August 2095. Considering the 69 years left we estimated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.