Main reasons to commence your Notting Hill lease extension

Top reasons for lease extension now:

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

Notting Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. It is the case that most Notting Hill tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in Notting Hill you must investigate if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension sharply increases as part of the premium you will incur is what is known as a marriage value

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

It is generally accepted that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

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

Lending institutions have set criteria when loaning funds charged on leasehold property. Many will simply not lend at all once the remaining lease term goes beneath a specified unexpired lease term. Many Mortgage lenders will not consider property with a remaining below seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are seeking to remortgage your Notting Hill property.

Why use us for your lease extension in Notting Hill?

Lease extensions in Notting Hill can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Notting Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Notting Hill Lease Extension Example Cases:

Jude, Notting Hill, West London

Two years ago Jude, started to get close to the 80-year mark with the lease on his basement flat in Notting Hill. Having purchased his property 19 years ago, the lease term was of no concern. Thankfully, he noticed he would soon be paying an inflated amount for a lease extension. Jude was able to extend his lease just ahead of time in August. Jude and the landlord who owned the flat above eventually settled on sum of £5,000 . If the lease had dipped to less than eighty years, the price would have gone up by at least £1,075.

Notting Hill case:

In 2009 we were approached by Mrs Zoe Scott who, having purchased a studio apartment in Notting Hill in June 2005. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable flats in Notting Hill with an extended lease were worth £250,000. The average amount of ground rent was £50 collected annually. The lease terminated on 9 February 2094. Given that there were 68 years unexpired we calculated the premium to the landlord for the lease extension to be between £10,500 and £12,000 plus professional charges.