Why you should start your North West London lease extension

Why you should commence your North West London lease extension today:

Increase your lease and increase your North West London property value

Chances are that if you own a flat in North West London you actually own a long leasehold interest over your property

North West London property with a lease extension is almost the same value as a freehold

Leasehold premises in North West London with more than one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions will not grant a mortgage with a short lease

Lenders are really restricting their approach as regards to homes in North West London with short leases. For instance you may find 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 buyer, or try your luck at auction thus reducing your market.

Get in touch with one of our North West London lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with procure North West London 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.

North West London Lease Extension Case Summaries:

Aaron, North West London, London,

Aaron owned a studio flat in North West London on the market with a lease of a little over 61 years remaining. Aaron on an informal basis spoke with his landlord being a well known Bristol-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 at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Aaron to invoke his statutory right. Aaron obtained expert advice and was able to make an informed decision and deal with the matter and readily saleable.

North West London case:

Last Autumn we were approach by Mr and Mrs. P Green , who was assigned a lease of a ground floor apartment in North West London in May 2012. We are asked if we could estimate the price would be to prolong the lease by a further 90 years. Comparative residencies in North West London with an extended lease were in the region of £200,800. The average ground rent payable was £65 billed quarterly. The lease end date was in 2086. Having 60 years left we calculated the compensation to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of expenses.

North West London case:

In 2009 we were approached by Ms Chelsea Simon who, having completed a garden apartment in North West London in August 2012. The dilemma was if we could approximate the premium could be for a 90 year lease extension. Comparative homes in North West London with 100 year plus lease were worth £255,000. The average ground rent payable was £50 collected every twelve months. The lease elapsed in 2097. Having 71 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus fees.