Why you should commence your Maida Vale lease extension

Main reasons to start your Maida Vale lease extension today:

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

The re-sale value of a leasehold property in Maida Vale depends on how long the lease has remaining. If it is close to or less than eighty years you should foresee difficulties on re-sale, so it is advisable to arrange for the lease to be extended prior to buying. Ideally one should start the process of extending the lease is when the lease still has 82 years unexpired so that all matters can be addressed in advance of the eighty year threshold. Current legislation enables Maida Vale qualifying lessees to a ninety year extension added to their remaining lease term (ie if your lease has fifty years remaining the statutory lease extension will provide a new term of 140 years). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Maida Vale with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lending institutions may decide not to loan monies with a short lease

Lenders do not like short residential leases. You most probably encounter problems where you wish to sell your flat in Maida Vale if the remaining term of your lease is under the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Maida Vale?

Lease extensions in Maida Vale can be a difficult process. We recommend you get guidance from a conveyancing solicitor and valuer 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 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 Example Cases:

Henry, Maida Vale, London,

Henry owned a studio apartment in Maida Vale on the market with a lease of a few days over 59 years outstanding. Henry informally approached his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Henry to invoke his statutory right. Henry obtained expert advice and secured an acceptable resolution informally and ending up with a market value flat.

Maida Vale case:

Dr A Phillips completed a one bedroom apartment in Maida Vale in September 2004. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Similar residencies in Maida Vale with an extended lease were worth £216,000. The mid-range amount of ground rent was £60 invoiced annually. The lease finished in 2083. Given that there were 58 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £28,500 and £33,000 not including professional charges.