Top reasons for Notting Hill lease extension

Main reasons to start your Notting Hill lease extension today:

A Notting Hill leasehold property depreciates with the years remaining on the lease.

The value of Notting Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can escalate significantly once the remaining term is less than eighty years

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

Leasehold premises in Notting Hill with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Notting Hill with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus restricting the number of potential buyers.

Get in touch with one of our Notting Hill lease extension solicitors or enfranchisement solicitors

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

Notting Hill Lease Extension Example Cases:

Theo, Notting Hill, West London,

Theo owned a studio apartment in Notting Hill being marketed with a lease of a few days over fifty eight years unexpired. Theo informally contacted his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £200 yearly. No ground rent would be payable on a lease extension were Theo to invoke his statutory right. Theo procured expert legal guidance and secured satisfactory resolution informally and sell the property.

Notting Hill case:

In 2012 we were called by Ms Molly André who, having acquired a one bedroom flat in Notting Hill in July 2008. We are asked if we could approximate the premium would be for a 90 year extension to my lease. Comparative residencies in Notting Hill with a long lease were worth £270,000. The average amount of ground rent was £55 billed monthly. The lease expired in 2100. Taking into account 75 years as a residual term we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including costs.