Why you should start your Notting Hill lease extension

Why you should commence your Notting Hill lease extension today:

Increase your lease and increase your Notting Hill property value

The nearer a residential lease in Notting Hill nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond 125 years to run then this decrease may be negligible that being said there will become a point in time when a lease has less than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending sooner rather than later. Many flat owners in Notting Hill will qualify for this right; that being said a conveyancer can advise if you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for less than two years.

Notting Hill property with a lease extension is almost the same value as a freehold

Leasehold premises in Notting Hill with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges warrant it.

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

Many banks and building societies will be unwilling to grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Notting Hill property becoming difficult to dispose of or to obtain finance on.

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 marketable in respect of lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Notting Hill Lease Extension Example Cases:

Mason, Notting Hill, West London

Last year Mason, came dangerously near to the 80-year threshold with the lease on his garden apartment in Notting Hill. In buying his property 19 years ago, the length of the lease was of no relevance. Luckily, he realised he needed to take action soon on Extending the lease. Mason was able to extend his lease just under the wire in June. Mason and the freeholder ultimately agreed on the final figure of £5,000 . If he failed to meet the deadline, the price would have escalated by a minimum £1,000.

Notting Hill case:

In 2012 we were contacted by Dr Max Roux who, having owned a ground floor apartment in Notting Hill in November 2003. We are asked if we could estimate the price could be to prolong the lease by a further 90 years. Similar homes in Notting Hill with 100 year plus lease were in the region of £280,000. The average ground rent payable was £55 collected per annum. The lease came to a finish in 2103. Taking into account 77 years outstanding we estimated the premium to the landlord to extend the lease to be within £13,300 and £15,400 exclusive of professional charges.