Why you should start your Hammersmith lease extension

Main reasons to commence your Hammersmith lease extension today:

Increase your lease and increase your Hammersmith property value

Unfortunately that a Hammersmith residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the reduction being disguised by increases in the Hammersmith property prices.Once your lease nears 85ish years, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be payable. Most leasehold owners in Hammersmith will be able to extend under the legislation; however a conveyancer will be able to clarify if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.

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

Leasehold properties in Hammersmith with more than one hundred years outstanding on the lease are sometimes regarded as a ‘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 maintenance charges warrant it.

Lending institutions will not lend with a short lease

Banks and Building Societies have specific criteria when loaning monies secured on leasehold property. Many will simply refuse lend at all once an unexpired lease term drops lower than a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Hammersmith property.

Why use us for your lease extension in Hammersmith?

The conveyancers that we work with undertake Hammersmith lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Hammersmith Lease Extension Example Cases:

Jason, Hammersmith, West London,

Jason owned a conversion apartment in Hammersmith being marketed with a lease of a few days over fifty eight years remaining. Jason on an informal basis spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Jason to invoke his statutory right. Jason procured expert legal guidance and secured satisfactory resolution informally and sell the flat.

Hammersmith case:

Mr and Mrs. H Lambert moved into a basement apartment in Hammersmith in July 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a 90 year extension to my lease. Similar premises in Hammersmith with an extended lease were worth £198,400. The mid-range amount of ground rent was £65 collected yearly. The lease expired in 2085. Considering the 59 years as a residual term we approximated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 not including costs.