Why you should commence your Maida Vale lease extension

Top reasons for lease extension now:

Increase your lease and increase your Maida Vale property value

On the balance of probabilities if you own a flat in Maida Vale you actually own a long leasehold interest over your property

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

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

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

Many banks and building societies will not grant a mortgage on a lease with under 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Maida Vale property being difficult to dispose of or to obtain finance on.

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

The conveyancers that we work with undertake Maida Vale 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 lawyer we work with provide it.

Maida Vale Lease Extension Case Summaries:

Jasmine, Maida Vale, London,

In the wake of eight months of lengthy negotiations with the landlord of her studio apartment in Maida Vale, Jasmine started the lease extension process just as the lease was approaching the all-important eighty-year deadline. The transaction was finalised in April 2007. The landlord’s fees were negotiated to slightly above 550 pounds.

Maida Vale case:

Mr and Mrs. R Scott acquired a one bedroom apartment in Maida Vale in November 2010. The dilemma was if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Similar homes in Maida Vale with 100 year plus lease were in the region of £260,200. The average ground rent payable was £65 billed quarterly. The lease elapsed in 2092. Considering the 66 years unexpired we approximated the premium to the landlord to extend the lease to be within £16,200 and £18,600 not including legals.