Top reasons for Little Venice lease extension

Why you should start your Little Venice lease extension today:

Increase your lease and increase your Little Venice property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a set period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Little Venice. Clearly, the length of lease left shortens as time goes by. This may slip by relatively unnoticed when the property has to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Eligible long lease owners in Little Venice have the right to extend the lease for a further ninety years in accordance with Leasehold Reform legislation. Do give due attention before delaying your Little Venice lease extension. Holding off that expense now only increases the price you will eventually have to pay for a lease extension

Little Venice property with a lease extension has roughly the same value as a freehold

Leasehold properties in Little Venice with over one hundred years unexpired on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions may decide not to finance a property with a short lease

Why use us for your lease extension in Little Venice?

The lawyers that we work with undertake Little Venice 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.

Little Venice Lease Extension Example Cases:

Elizabeth, Little Venice, London,

Trailing protracted correspondence with the freeholder of her leasehold apartment in Little Venice, Elizabeth initiated the lease extension process just as her lease was nearing the crucial 80-year mark. The legal work was finalised in July 2010. The landlord’s costs were restricted to slightly above 450 GBP.

Little Venice case:

Mr W Norbert bought a one bedroom apartment in Little Venice in June 2009. The dilemma was if we could shed any light on how much (approximately) premium would be for a 90 year extension to my lease. Comparable properties in Little Venice with an extended lease were in the region of £290,000. The mid-range amount of ground rent was £45 collected yearly. The lease ended on 23 September 2098. Having 72 years unexpired we approximated the compensation to the landlord for the lease extension to be within £11,400 and £13,200 plus legals.

Little Venice case:

In 2014 we were phoned by Mr and Mrs. K Moore who, having completed a ground floor flat in Little Venice in July 2004. We are asked if we could shed any light on how much (approximately) price would likely be for a ninety year extension to my lease. Comparative residencies in Little Venice with a long lease were valued about £233,200. The average amount of ground rent was £60 invoiced yearly. The lease terminated in 2087. Considering the 61 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £22,800 and £26,400 not including costs.