Main reasons to start your Notting Hill lease extension

Main reasons to start your Notting Hill lease extension today:

Increase your lease and increase your Notting Hill property value

The market value of a leasehold property in Notting Hill depends on how many years the lease has left to run. If it is close to or less than eighty years you should foresee difficulties on re-sale, so it is recommended to arrange for the lease to be extended prior to buying. It is preferable to start the lease extension process when a lease still has 82 years to run so that a lease extension can be finalised ahead of the eighty year threshold. Statute entitles Notting Hill qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus an additional term of 90 years. The reason of the valuation is to determine the sum payable by the lessee to the freeholder for the purchase of the lease extension.

Notting Hill property with a lease extension is almost the same value as a freehold

Leasehold premises in Notting Hill with over 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

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

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as deficient security.

Why use us for your lease extension in Notting Hill?

Irrespective of whether you are a tenant or a landlord in Notting Hill,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Notting Hill valuers.

Notting Hill Lease Extension Example Cases:

Molly, Notting Hill, West London,

Trailing unsuccessful negotiations with the freeholder of her studio apartment in Notting Hill, Molly started the lease extension process just as her lease was approaching the all-important 80-year mark. The legal work completed in August 2005. The freeholder’s charges were kept to an absolute minimum.

Notting Hill case:

In 2014 we were called by Mr and Mrs. D Jackson who, having owned a one bedroom apartment in Notting Hill in August 1995. We are asked if we could estimate the price would likely be for a ninety year extension to my lease. Identical residencies in Notting Hill with 100 year plus lease were in the region of £183,600. The mid-range amount of ground rent was £65 collected yearly. The lease terminated on 9 October 2081. Considering the 57 years remaining we estimated the compensation to the freeholder for the lease extension to be within £28,500 and £33,000 not including professional charges.