Why you should start your Campden Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Campden Hill property value

With a long leasehold premises in Campden Hill, you are actually purchasing a right to live in a property for a prescribed time frame. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease increases markedly particularly once there are fewer than eighty years left. Anyone in Campden Hill with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. When a lease has fewer than eighty years remaining, under the relevant Act the landlord can calculate and demand a larger amount, assessed on a technical multiplication, strangely termed as “marriage value” which is due.

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

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

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

The propensity since 2008 has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past lenders would grant a mortgage on a lease with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Campden Hill?

Irrespective of whether you are a tenant or a landlord in Campden Hill,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Campden Hill valuers.

Campden Hill Lease Extension Case Summaries:

Cameron, Campden Hill, West London

Half a year ago Cameron, started to get close to the eighty-year mark with the lease on his garden apartment in Campden Hill. Having bought his flat 19 years ago, the lease term was of no importance. As luck would have it, it dawned on him that he needed to take action soon on Extending the lease. Cameron was able to extend his lease at the eleventh hour in July. Cameron and the landlord who owned the flat above eventually agreed on an amount of £5,000 . If he had missed the deadline, the figure would have escalated by at least £950.

Campden Hill case:

In 2013 we were e-mailed by Mr and Mrs. G Ramírez who, having was assigned a lease of a basement apartment in Campden Hill in May 2011. The question was if we could approximate the premium would be to extend the lease by ninety years. Comparable residencies in Campden Hill with an extended lease were in the region of £267,600. The average ground rent payable was £65 invoiced yearly. The lease ran out on 11 March 2092. Given that there were 67 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £14,300 and £16,400 exclusive of fees.