Stop! Your Lease Extension in Notting Hill Could Be FREE

Get a Free Case Review
Many leaseholders in Notting Hill are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Notting Hill has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to 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

Notting Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Notting Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Notting Hill you should check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

The propensity since 2008 has been for mortgage companies to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the minimum number of years remaining under the lease required by mortgage companies has increased. In the past lenders would lend on a lease with 25 years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barclays plc Leases with less than 70 years at the commencement of the mortgage should be declined (see exception below).

Leases with fewer than 70 years should only be referred to the issuing office where the following scenario applies, as discretion may be applied subject to bank approval:

• Property is located in any of the following prestigious developments: Cadogan, Crown, Grosvenor, Howard de Walden, Portman or Wellcome Trust Estates in Central London AND
• The value of the property subject to the short remaining term is £500,000 or more AND
• The loan to value does not exceed 90% for purchases, 90% like for like re-mortgages, 80% for re-mortgages with any element of capital raising and 80% for existing Barclays mortgage borrowers applying for additional borrowing;
Halifax Minimum 70 years from the date of the mortgage.
Lloyds TSB Scotland Minimum 70 years from the date of the mortgage.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Notting Hill?

The conveyancing solicitors that we work with procure Notting Hill 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.

Notting Hill Lease Extension Case Studies:

Eliot, Notting Hill, West London,

Eliot owned a 2 bedroom flat in Notting Hill being marketed with a lease of just over 59 years unexpired. Eliot on an informal basis spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Eliot to exercise his statutory right. Eliot procured expert legal guidance and secured an acceptable resolution without going to tribunal and readily saleable.

Notting Hill case:

Last Autumn we were approach by Ms N Gunderson , who took over the lease of a one bedroom apartment in Notting Hill in August 1995. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Comparative homes in Notting Hill with an extended lease were valued around £235,200. The mid-range amount of ground rent was £45 billed every twelve months. The lease came to a finish on 1 January 2092. Taking into account 66 years remaining we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of professional charges.

Decision in Kensington and Chelsea

An example of a Lease Extension case for a Notting Hill flat is 2 Grove House 95 Addison Road in October 2013. the Tribunal decided that the premium to bepaid for a new lease is £50,050. This case related to 1 flat. The unexpired term was 68.4 years.