Unfortunately that a Hammersmith And Fulham residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Hammersmith And Fulham property prices.Once your lease nears 85ish years, you should start thinking about a lease extension. If lease term drops below 80 years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property Most flat owners in Hammersmith And Fulham will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancing solicitor from beginning to end of the process.
Leasehold premises in Hammersmith And Fulham with over 100 years remaining 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 premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barclays plc | |
| Chelsea Building Society | |
| Coventry Building Society | |
| Godiva Mortgages |
The lawyers that we work with handle Hammersmith And Fulham 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.
Omar was the the leasehold proprietor of a 2 bedroom apartment in Hammersmith And Fulham on the market with a lease of a little over sixty years remaining. Omar on an informal basis spoke with his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Omar to invoke his statutory right. Omar obtained expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.
In 2010 we were phoned by Mr and Mrs. V Carter who, having bought a one bedroom flat in Hammersmith And Fulham in October 1996. The dilemma was if we could estimate the price could be to prolong the lease by ninety years. Identical premises in Hammersmith And Fulham with a long lease were in the region of £260,200. The mid-range ground rent payable was £65 collected yearly. The lease terminated on 5 October 2092. Given that there were 66 years unexpired we calculated the premium to the landlord to extend the lease to be within £16,200 and £18,600 exclusive of costs.
Last Winter we were called by Mr and Mrs. P François , who took over the lease of a ground floor apartment in Hammersmith And Fulham in May 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Identical residencies in Hammersmith And Fulham with an extended lease were valued around £198,800. The mid-range ground rent payable was £55 collected annually. The lease ran out on 16 October 2081. Having 55 years remaining we calculated the premium to the landlord for the lease extension to be between £33,300 and £38,400 plus fees.