With a domestic leasehold premises in Hammersmith, you are in fact renting it for a certain amount of time. These days flat leases are usually granted 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 rather than later. The general rule is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably once there are fewer than 80 years remaining. Residents in Hammersmith with a lease approaching 81 years remaining should seriously think of extending it as soon as possible. Once a lease has below 80 years left, under the current Act the freeholder is entitled to calculate and demand a larger premium, assessed on a technical calculation, known as “marriage value” which is due.
It is generally accepted that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Barnsley Building Society | |
| Santander | |
| The Mortgage Works | |
| Royal Bank of Scotland |
Using our service will provide you enhanced control over the value of your Hammersmith leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Connor was the the leasehold owner of a conversion flat in Hammersmith on the market with a lease of a few days over 59 years outstanding. Connor on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Connor to invoke his statutory right. Connor procured expert advice and secured satisfactory deal informally and sell the property.
Mr Logan Bailey owned a garden flat in Hammersmith in July 2012. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to extend the lease by a further 90 years. Identical residencies in Hammersmith with a long lease were in the region of £191,000. The average ground rent payable was £65 invoiced quarterly. The lease elapsed in 2084. Taking into account 58 years unexpired we approximated the compensation to the freeholder for the lease extension to be between £23,800 and £27,400 not including fees.
An example of a Freehold Enfranchisement matter before the tribunal for a Hammersmith property is 19 Crisp Road in June 2009. Following a vesting order (Under section 26 of the Leasehold Reform,Housing and Urban Development Act 1993) The tribunal determined that the premium payable for the acquisition of the freehold was £33,756,apportioned as to£12,285 for the lower at and £21,471for the upper fat. This case related to 2 flats. The unexpired residue of the current lease was 68.32 years.