Top reasons for West Hampstead lease extension

Why you should commence your West Hampstead lease extension today:

Increase your lease and increase your West Hampstead property value

With a long leasehold property in West Hampstead, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are less than 80 years remaining. Leasehold owners in West Hampstead with a lease approaching 81 years remaining should seriously consider extending it without delay. Once a lease has below eighty years remaining, under the current legislation the landlord is entitled to calculate and charge a greater amount, assessed on a technical multiplication, strangely termed as “marriage value” which is payable.

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

Leasehold premises in West Hampstead with more than one hundred years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not lend with a short lease

What makes us experts in West Hampstead lease extensions?

Using our service will provide you enhanced control over the value of your West Hampstead leasehold, as your property will be more valuable and saleable 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.

West Hampstead Lease Extension Case Summaries:

Jonathan, West Hampstead, North London,

Jonathan was the the leasehold proprietor of a high value apartment in West Hampstead on the market with a lease of a little over 61 years unexpired. Jonathan on an informal basis contacted his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 annually. No ground rent would be payable on a lease extension were Jonathan to exercise his statutory right. Jonathan obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

West Hampstead case:

In 2013 we were approached by Dr T Davis who, having owned a garden apartment in West Hampstead in June 2000. We are asked if we could shed any light on how much (approximately) premium would be to prolong the lease by an additional years. Comparable homes in West Hampstead with an extended lease were in the region of £173,800. The mid-range ground rent payable was £60 invoiced yearly. The lease came to a finish on 4 March 2081. Taking into account 55 years unexpired we calculated the premium to the freeholder for the lease extension to be between £31,400 and £36,200 exclusive of professional charges.