Why you should commence your Swiss Cottage lease extension

Top reasons for lease extension now:

Increase your lease and increase your Swiss Cottage property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Swiss Cottage have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Please think carefully before delaying your Swiss Cottage lease extension. Postponing that expense now simply escalates the amount you will eventually have to pay to extend the lease.

Swiss Cottage property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Lenders may decide not to finance a property with a short lease

Most mortgage lenders have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below seventy years as they are regarded as deficient for lending purposes.

What makes us experts in Swiss Cottage lease extensions?

Retaining our service gives you increased control over the value of your Swiss Cottage leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Swiss Cottage Lease Extension Case Summaries:

Cameron, Swiss Cottage, North London,

Cameron owned a studio apartment in Swiss Cottage being marketed with a lease of a few days over 61 years remaining. Cameron on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Cameron to invoke his statutory right. Cameron procured expert advice and secured an acceptable resolution without going to tribunal and sell the flat.

Swiss Cottage case:

Last year we were phoned by Mrs P Martin , who acquired a ground floor flat in Swiss Cottage in October 2006. The dilemma was if we could estimate the premium could be for a 90 year extension to my lease. Comparative premises in Swiss Cottage with an extended lease were worth £285,000. The mid-range amount of ground rent was £55 collected annually. The lease concluded on 28 February 2106. Having 80 years left we calculated the compensation to the landlord for the lease extension to be between £12,400 and £14,200 not including professional charges.