Top reasons for Hammersmith lease extension

Why you should commence your Hammersmith lease extension today:

Increase your lease and increase your Hammersmith property value

Hammersmith leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Hammersmith residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Hammersmith you must investigate if your lease has between seventy and 90 years left. There are compelling reasons why a Hammersmith flat owner with a lease having around 80 years left should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

Leasehold residencies in Hammersmith with more than 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 home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may not grant a mortgage on a short lease

Lenders are inclined not lend on short residential leases. You are likely to experience difficulties where you need to sell your flat in Hammersmith if the remaining term of your lease is less than the criteria set by most mortgage companies. Different mortgage companies have different criteria but on the whole theyrequire an unexpired term of at least 65 years.

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

Irrespective of whether you are a tenant or a landlord in Hammersmith,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 in-depth market knowledge and the close ties they enjoy with Hammersmith valuers.

Hammersmith Lease Extension Case Summaries:

Robyn, Hammersmith, West London,

After protracted negotiations with the freeholder of her two bedroom apartment in Hammersmith, Robyn started the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work was finalised in March 2013. The freeholder’s fees were restricted to below 550 GBP.

Hammersmith case:

In 2009 we were phoned by Mr and Mrs. S Mercier who, having was assigned a lease of a studio flat in Hammersmith in September 2004. The question was if we could estimate the compensation to the landlord would be for a 90 year lease extension. Similar premises in Hammersmith with 100 year plus lease were valued about £280,000. The mid-range ground rent payable was £55 billed every twelve months. The lease termination date was on 1 August 2103. Taking into account 77 years left we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 not including costs.