Main reasons to commence your Bayswater lease extension

Main reasons to start your Bayswater lease extension today:

A Bayswater leasehold property depreciates with the years remaining on the lease.

As the the remaining lease term of a Bayswater domestic lease decreases so does its value and therefore the value of your property. If the lease has, beyond 100 years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease without delay. The majority of flat owners in Bayswater will qualify for this right; however a lawyer can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

Leasehold properties in Bayswater with over one hundred years left 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 home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not finance a property with a short lease

Lenders do not like short residential leases. You most probably experience difficulties where you wish to sell your flat in Bayswater if the unexpired term of your lease is less than the criteria set by most lenders. Different lenders have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

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

The lawyers that we work with undertake Bayswater 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.

Bayswater Lease Extension Case Summaries:

Gabriel, Bayswater, London,

Gabriel was the the leasehold owner of a conversion flat in Bayswater on the market with a lease of a little over fifty eight years unexpired. Gabriel on an informal basis contacted his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

Bayswater case:

Dr Joseph King bought a basement apartment in Bayswater in September 1999. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar flats in Bayswater with an extended lease were valued about £166,400. The mid-range ground rent payable was £60 invoiced every twelve months. The lease ended in 2080. Taking into account 54 years left we calculated the compensation to the freeholder for the lease extension to be between £32,300 and £37,400 plus costs.