Main reasons to start your Notting Hill lease extension

Main reasons to commence your Notting Hill lease extension today:

A Notting Hill leasehold property depreciates with the years remaining on the lease.

Notting Hill leases on residential deteriorating in value. Where your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Leasehold owners in Notting Hill will usually qualify for a lease extension; however a solicitor will check if you qualify. In some situations you may not qualify. There are also strict timetables and formalities to comply with once the process is triggered so it’s wise to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may decide not to grant a mortgage with a short lease

Nearly all mortgage lenders will be unwilling to grant a mortgage on a lease with under seventy years remaining - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this will result in your Notting Hill property being difficult to sell or remortgage.

Why use us for your lease extension in Notting Hill?

Retaining our service will provide you enhanced control over the value of your Notting Hill leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Notting Hill Lease Extension Example Cases:

Evan, Notting Hill, West London,

Evan owned a 2 bedroom flat in Notting Hill on the market with a lease of just over sixty years outstanding. Evan on an informal basis contacted his landlord a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every twenty five years thereafter. No ground rent would be payable on a lease extension were Evan to invoke his statutory right. Evan obtained expert advice and secured satisfactory resolution informally and readily saleable.

Notting Hill case:

In 2013 we were e-mailed by Dr T Moore who, having bought a one bedroom flat in Notting Hill in May 2006. The dilemma was if we could approximate the price would likely be to prolong the lease by 90 years. Similar premises in Notting Hill with a long lease were in the region of £264,000. The average amount of ground rent was £60 collected every twelve months. The lease finished in 2079. Given that there were 53 years as a residual term we estimated the premium to the landlord for the lease extension to be between £37,100 and £42,800 exclusive of expenses.