Why you should commence your Maida Vale lease extension

Main reasons to start your Maida Vale lease extension today:

Increase your lease and increase your Maida Vale property value

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Maida Vale. Clearly, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the residence has to be sold or refinanced. The shorter the lease the less it is worth and the more expensive it will be to extend the lease. Eligible long lease owners in Maida Vale have the legal entitlement to extend the lease for a further 90 years in accordance with Leasehold Reform legislation. Do give due attention before delaying your Maida Vale lease extension. Putting off the cost now only increases the price you will ultimately have to pay to extend your lease

An extended lease has roughly the same value as a freehold

It is generally considered that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be equivalent in value to a freehold for decades to come.

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

Banks and building societies are really clamping down as regards to properties in Maida Vale with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so where you needed to sell, your only options would be to find a cash purchaser, or try your luck at auction thus narrowing the number of potential buyers.

Why use us for your lease extension in Maida Vale?

Lease extensions in Maida Vale can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 a wealth of experience procuring 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 Case Summaries:

Oliver, Maida Vale, London,

Oliver owned a studio apartment in Maida Vale on the market with a lease of fraction over fifty eight years unexpired. Oliver informally contacted his landlord a well known London-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 initially set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Oliver to invoke his statutory right. Oliver obtained expert legal guidance and was able to make a more informed judgement and handle with the matter and readily saleable.

Maida Vale case:

Last Autumn we were e-mailed by Ms R Bertrand , who bought a one bedroom apartment in Maida Vale in September 2000. We are asked if we could approximate the compensation to the landlord could be to extend the lease by ninety years. Identical properties in Maida Vale with a long lease were valued about £280,000. The mid-range ground rent payable was £45 collected yearly. The lease concluded in 2096. Having 70 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 plus expenses.