West Hampstead Lease Extension - Free Consultation

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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

On the balance of probabilities if you own a flat in West Hampstead you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly under 75 years as they are regarded as unacceptable for lending purposes.

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages 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.
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
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Get in touch with one of our West Hampstead lease extension solicitors or enfranchisement solicitors

Lease extensions in West Hampstead can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with West Hampstead lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Hampstead Lease Extension Example Cases:

Jake, West Hampstead, North London,

Jake owned a 2 bedroom flat in West Hampstead being sold with a lease of a little over fifty eight years remaining. Jake on an informal basis contacted his freeholder being a well known Bristol-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 an increased rent to £200 per annum. No ground rent would be due on a lease extension were Jake to invoke his statutory right. Jake procured expert legal guidance and secured an acceptable deal informally and ending up with a market value flat.

West Hampstead case:

In 2014 we were approached by Mrs H Hernández who, having moved into a purpose-built flat in West Hampstead in July 1998. The question was if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Comparative flats in West Hampstead with a long lease were in the region of £173,800. The average ground rent payable was £65 billed monthly. The lease came to a finish on 19 March 2079. Given that there were 55 years remaining we approximated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 plus fees.

Decision in Barnet

An example of a Lease Extension decision for a West Hampstead flat is Flat A 372 Cricklewood Lane in January 2013. The Tribunal decided that the premium for the extended lease should be £5,750.00 and that the terms of the new lease should be those set out in annex to the decsion This case related to 1 flat.