Main reasons to start your North West London lease extension

Main reasons to commence your North West London lease extension today:

Increase your lease and increase your North West London property value

As the length of the unexpired term of a North West London domestic lease lessens so does its value and therefore the value of your property. If the residual term has, in excess of 100 years remaining then this decrease may be of little impact that being said there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner as opposed to later. Many flat owners in North West London will qualify for this right; that being said a conveyancing solicitor should be able to confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Mortgage lenders may not lend on a short lease

Mortgage companies are making their criteria more stringent and many now require flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. As many flats in North West London were built in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

Why use us for your lease extension in North West London?

Engaging our service gives you better control over the value of your North West London leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

North West London Lease Extension Example Cases:

Nathan, North West London, London,

Nathan owned a conversion flat in North West London being sold with a lease of fraction over 72 years remaining. Nathan informally contacted his freeholder a well known London-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be payable on a lease extension were Nathan to invoke his statutory right. Nathan procured expert advice and was able to make a more informed judgement and handle with the matter and sell the property.

North West London case:

Last Winter we were e-mailed by Mrs L Clark , who purchased a basement flat in North West London in June 2005. We are asked if we could estimate the price could be for a 90 year lease extension. Comparative homes in North West London with a long lease were valued around £245,000. The mid-range amount of ground rent was £50 billed quarterly. The lease concluded in 2094. Given that there were 68 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.

North West London case:

Mrs B Lewis moved into a garden apartment in North West London in November 2004. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable residencies in North West London with an extended lease were worth £285,000. The average ground rent payable was £55 billed every twelve months. The lease finished in 2105. Taking into account 79 years left we approximated the compensation to the freeholder to extend the lease to be within £13,300 and £15,400 not including legals.