Main reasons to start your West Hampstead lease extension

Top reasons for lease extension now:

Increase your lease and increase your West Hampstead property value

The market value of West Hampstead leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can increase substantially once the unexpired lease term is less than eighty years

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

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lenders will not finance a property on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet lending institutions start to become concerned at around 75 years. This will be problematic once you come to market or refinance your property as it will be practically unmortgageable. You may not have an immediate plan to sell but when you do your buyer will need to wait a couple of years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in West Hampstead?

Using our service will provide you increased control over the value of your West Hampstead leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors 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 Studies:

Alisha, West Hampstead, North London,

In the wake of eight months of unsuccessful correspondence with the landlord of her leasehold apartment in West Hampstead, Alisha initiated the lease extension process just as her lease was nearing the critical eighty-year mark. The lease extension was finalised in May 2005. The freeholder’s fees were restricted to about 600 GBP.

West Hampstead case:

Mr Tommy Ali was assigned a lease of a one bedroom apartment in West Hampstead in July 2010. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparative flats in West Hampstead with 100 year plus lease were valued around £218,000. The average amount of ground rent was £45 collected quarterly. The lease came to a finish on 21 November 2089. Having 63 years remaining we approximated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 plus costs.