Top reasons for Bayswater lease extension

Why you should commence your Bayswater lease extension today:

Increase your lease and increase your Bayswater property value

It’s a harsh truth that a Bayswater residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Bayswater property prices.Once your lease gets to 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be payable. Most leasehold owners in Bayswater will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Lenders will not grant a mortgage with a short lease

Mortgage companies are inclined not grant a mortgage on short residential leases. You most probably encounter difficulties if you wish to sell your flat in Bayswater if the unexpired term of your lease is under the criteria set by most banks and building societies. Different lenders have varying requirements but in the main they are looking for a minimum remaining lease term of 65 years.

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

Lease extensions in Bayswater can be a difficult process. We recommend you get professional help from a lawyer and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge dealing with Bayswater lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bayswater Lease Extension Example Cases:

Danielle, Bayswater, London,

Off the back of protracted negotiations with the landlord of her leasehold flat in Bayswater, Danielle started the lease extension process as the eighty year threshold was rapidly approaching. The legal work was finalised in January 2012. The freeholder’s fees were restricted to under five hundred GBP.

Bayswater case:

In 2014 we were approached by Mr and Mrs. M Clarke who, having took over the lease of a first floor flat in Bayswater in June 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Similar homes in Bayswater with an extended lease were worth £235,200. The mid-range amount of ground rent was £45 billed every twelve months. The lease expired on 25 May 2092. Having 66 years left we estimated the premium to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of expenses.