Why you should commence your West Hampstead lease extension

Why you should start your West Hampstead lease extension today:

Increase your lease and increase your West Hampstead property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in West Hampstead can extend the lease for a further ninety years in accordance with legislation. Please give careful consideration before delaying your West Hampstead lease extension. Shelving the costs today simply increases the amount you will eventually be required to pay for a lease extension.

West Hampstead property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies on a short lease

Mortgage companies do not grant a mortgage on short residential leases. You most probably encounter difficulties where you wish to sell your flat in West Hampstead if the unexpired lease term is less than the criteria set by the majority of banks and building societies. Different mortgage companies have varying criteria but in the main theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in West Hampstead?

Lease extensions in West Hampstead can be a difficult process. We recommend you obtain 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 procuring 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 Case Summaries:

Alfie, West Hampstead, North London,

Alfie was the the leasehold proprietor of a studio flat in West Hampstead on the market with a lease of just over 72 years remaining. Alfie on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 per annum. Ordinarily, ground rent would not be due on a lease extension were Alfie to exercise his statutory right. Alfie obtained expert advice and was able to make an informed decision and handle with the matter and readily saleable.

West Hampstead case:

Mr and Mrs. Y Harris was assigned a lease of a basement apartment in West Hampstead in July 2008. We are asked if we could estimate the compensation to the landlord could be for a 90 year extension to my lease. Similar homes in West Hampstead with 100 year plus lease were worth £242,600. The average ground rent payable was £45 billed monthly. The lease lapsed in 2093. Having 67 years left we estimated the compensation to the freeholder to extend the lease to be within £11,400 and £13,200 not including expenses.