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Top reasons for Notting Hill lease extension

Why you should commence your Notting Hill lease extension today:

Increase your lease and increase your Notting Hill property value

Chances are that where you own a flat in Notting Hill you actually own a long leasehold interest over your property

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

Leasehold residencies in Notting Hill with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders will not issue a mortgage on a short lease

Lenders will not grant a mortgage on short residential leases. You most probably encounter problems if you want to sell your flat in Notting Hill if the remaining term of your lease is less than the criteria set by most mortgage companies. Different mortgage companies have different requirements but generally theyrequire an unexpired term of at least 65 years.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Royal Bank of Scotland Mortgage term plus 30 years.

Why use us for your lease extension in Notting Hill?

Using our service gives you increased control over the value of your Notting Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Notting Hill Lease Extension Case Summaries:

Sophie, Notting Hill, West London,

Following protracted negotiations with the landlord of her purpose-built flat in Notting Hill, Sophie initiated the lease extension process just as her lease was nearing the all-important eighty-year deadline. The transaction was finalised in April 2008. The landlord’s fees were negotiated to slightly above 700 GBP.

Notting Hill case:

In 2011 we were called by Mr A Rose who, having moved into a one bedroom apartment in Notting Hill in October 2006. The dilemma was if we could estimate the premium would be for a 90 year extension to my lease. Comparable homes in Notting Hill with an extended lease were valued around £203,200. The average amount of ground rent was £65 invoiced yearly. The lease concluded in 2086. Having 61 years outstanding we estimated the premium to the landlord to extend the lease to be between £19,000 and £22,000 not including fees.

Decision in Kensington and Chelsea

An example of a Lease Extension matter before the tribunal for a Notting Hill flat is 2 Grove House 95 Addison Road in October 2013. the Tribunal decided that the premium to bepaid for a new lease is £50,050. This case was in relation to 1 flat. The unexpired residue of the current lease was 68.4 years.