Top reasons for Campden Hill lease extension

Main reasons to commence your Campden Hill lease extension today:

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

Campden Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most Campden Hill tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Campden Hill you should see if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

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

It is generally accepted that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not lend with a short lease

Mortgage companies are really clamping down as regards to properties in Campden Hill with short leases. For instance you may find that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing your market.

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

Engaging our service will provide you enhanced control over the value of your Campden Hill leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Campden Hill Lease Extension Case Summaries:

Gemma, Campden Hill, West London,

Following unsuccessful correspondence with the freeholder of her leasehold flat in Campden Hill, Gemma commenced the lease extension process as the eighty year threshold was swiftly nearing. The lease extension completed in January 2008. The freeholder’s costs were restricted to less than five hundred pounds.

Campden Hill case:

Last month we were called by Ms Lauren Bell , who was assigned a lease of a ground floor flat in Campden Hill in July 2002. We are asked if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Identical premises in Campden Hill with 100 year plus lease were in the region of £240,600. The mid-range ground rent payable was £65 collected annually. The lease end date was in 2088. Considering the 62 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of legals.