Main reasons to commence your Campden Hill lease extension

Main reasons to commence your Campden Hill lease extension today:

Increase your lease and increase your Campden Hill property value

It’s an underpublicised certainty that a Campden Hill residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Campden Hill property market.Where your lease has approximately ninety years left, you should start considering 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 falls lower than 80 years - otherwise a higher amount will be due. Most flat owners in Campden Hill will be able to extend under the legislation; however a conveyancer will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the process.

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

Leasehold properties in Campden Hill with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may decide not to finance a property with a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This may cause difficulties when you wish to market or remortgage your property as it will be effectively unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer will have to wait 2 years before they can exercise the right to a a lease extension.

What makes us experts in Campden Hill lease extensions?

Regardless of whether you are a tenant or a freeholder in Campden Hill,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Campden Hill valuers.

Campden Hill Lease Extension Example Cases:

Ellie, Campden Hill, West London,

Trailing unsuccessful discussions with the freeholder of her basement apartment in Campden Hill, Ellie started the lease extension process as the 80 year mark was quickly nearing. The transaction was concluded in August 2011. The landlord’s charges were restricted to under 600 pounds.

Campden Hill case:

Dr Teddy Sharif bought a ground floor apartment in Campden Hill in March 2007. The dilemma was if we could shed any light on how much (roughly) price could be to extend the lease by a further 90 years. Comparative flats in Campden Hill with an extended lease were valued about £171,800. The mid-range ground rent payable was £55 billed yearly. The lease terminated on 21 July 2076. Taking into account 50 years as a residual term we approximated the premium to the landlord for the lease extension to be within £32,300 and £37,400 plus costs.