Little Venice leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Most owners of residential leasehold property in Little Venice enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Little Venice you must investigate if your lease has between seventy and ninety years left. There are compelling reasons why a Little Venice flat owner with a lease having around 80 years left should take steps to ensure that a lease extension is effected without delay
It is conventional wisdom that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Bank of Scotland | |
| Chelsea Building Society | |
| National Westminster Bank | |
| Santander | |
| Royal Bank of Scotland |
Lease extensions in Little Venice can be a difficult process. We recommend you get professional help from a lawyer and surveyor with experience in this area.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Little Venice lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Muhammad owned a 2 bedroom flat in Little Venice on the market with a lease of a few days over sixty years remaining. Muhammad on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Muhammad to invoke his statutory right. Muhammad procured expert legal guidance and secured an acceptable deal without going to tribunal and readily saleable.
Last Spring we were contacted by Mr and Mrs. C Evans , who bought a garden flat in Little Venice in March 2005. The dilemma was if we could approximate the compensation to the landlord would be to prolong the lease by an additional years. Identical flats in Little Venice with an extended lease were valued about £275,000. The mid-range ground rent payable was £65 invoiced annually. The lease end date was on 8 August 2094. Given that there were 68 years unexpired we approximated the premium to the landlord to extend the lease to be between £13,300 and £15,400 plus legals.
Mrs Grace González completed a first floor apartment in Little Venice in January 1999. The question was if we could estimate the price could be for a ninety year extension to my lease. Comparable homes in Little Venice with an extended lease were worth £213,600. The mid-range ground rent payable was £60 billed quarterly. The lease finished on 19 June 2083. Given that there were 57 years remaining we calculated the premium to the landlord to extend the lease to be between £30,400 and £35,200 exclusive of legals.