Main reasons to commence your North West London lease extension

Top reasons for lease extension now:

Increase your lease and increase your North West London property value

The value of North West London leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is less than 80 years

North West London property with a lease extension has roughly the same value as a freehold

It is generally considered that a property with over one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 35 years remaining, the property will be worth the same as a freehold for many years in the future.

Lenders may decide not to loan monies with a short lease

Lenders do not grant a mortgage on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in North West London if the remaining lease term is less than the criteria set by the majority of banks and building societies. Different lenders have different requirements but in the main theyrequire an unexpired term of at least 65 years.

What makes us experts in North West London lease extensions?

Engaging our service gives you enhanced control over the value of your North West London leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The conveyancing solicitors 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:

Katherine, North West London, London,

Subsequent to protracted correspondence with the freeholder of her studio flat in North West London, Katherine initiated the lease extension process just as her lease was coming close to the critical eighty-year mark. The lease extension completed in September 2009. The landlord’s fees were restricted to a tad over five hundred GBP.

North West London case:

In 2014 we were called by Dr Victoria Moreau who, having acquired a studio apartment in North West London in April 1998. The question was if we could shed any light on how much (approximately) price could be to prolong the lease by a further 90 years. Similar flats in North West London with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease terminated in 2106. Considering the 80 years remaining we approximated the compensation to the freeholder for the lease extension to be between £12,400 and £14,200 not including expenses.

North West London case:

Mr Connor González completed a garden apartment in North West London in July 2002. 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 valued around £200,800. The mid-range ground rent payable was £65 collected quarterly. The lease ended in 2086. Considering the 60 years left we approximated the compensation to the freeholder to extend the lease to be within £20,900 and £24,200 exclusive of expenses.