Main reasons to commence your Maida Vale lease extension

Why you should start your Maida Vale lease extension today:

A Maida Vale leasehold property depreciates with the years remaining on the lease.

The value of Maida Vale leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the remaining term is below than eighty years

Maida Vale property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Maida Vale with in excess of 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 buying the freehold unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and building societies are distinct in their lending criteria. Some draw the line at seventy five years outstanding on the lease; others may be happy with anything over 70 years. Below 60 years, it may be challenging to get a mortgage in the first place.

What makes us experts in Maida Vale lease extensions?

Lease extensions in Maida Vale can be a difficult process. We recommend you secure professional help from a lawyer and valuer with experience in lease extensions.

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 dealing with Maida Vale lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Maida Vale Lease Extension Example Cases:

Rosie, Maida Vale, London,

In the wake of 6 months of unsuccessful negotiations with the freeholder of her basement apartment in Maida Vale, Rosie commenced the lease extension process just as her lease was approaching the critical eighty-year threshold. The legal work completed in April 2014. The landlord’s costs were negotiated to about six hundred GBP.

Maida Vale case:

Last month we were e-mailed by Mr S Garcia , who owned a purpose-built flat in Maida Vale in August 2003. We are asked if we could shed any light on how much (roughly) premium would be for a 90 year extension to my lease. Identical premises in Maida Vale with a long lease were in the region of £201,200. The average ground rent payable was £55 billed every twelve months. The lease ended in 2081. Given that there were 56 years as a residual term we calculated the premium to the landlord to extend the lease to be within £31,400 and £36,200 plus legals.