Why you should commence your Notting Hill lease extension

Main reasons to start your Notting Hill lease extension today:

Increase your lease and increase your Notting Hill property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Notting Hill can extend the lease for a further ninety years in accordance with statute. Do think carefully before delaying your Notting Hill lease extension. Putting off that expense today simply increases the premium you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold residencies in Notting Hill with in excess of 100 years outstanding 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 freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold homes. Some will simply refrain from lending at all once the residual lease term drops under a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than 75 years as adequate security. As well as this being important when selling, it is also relevant if you are seeking to remortgage your Notting Hill home.

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

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

Notting Hill Lease Extension Case Studies:

Chelsea, Notting Hill, West London,

Trailing lengthy negotiations with the landlord of her garden apartment in Notting Hill, Chelsea initiated the lease extension process just as her lease was coming close to the all-important eighty-year mark. The lease extension was concluded in November 2012. The freeholder’s fees were kept to an absolute minimum.

Notting Hill case:

Mrs W Leroy moved into a first floor flat in Notting Hill in June 1996. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Similar premises in Notting Hill with a long lease were valued around £275,000. The average amount of ground rent was £55 billed yearly. The lease concluded on 6 October 2102. Given that there were 76 years unexpired we calculated the premium to the freeholder to extend the lease to be within £9,500 and £11,000 plus costs.