West Hampstead Lease Extension - Free Consultation

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Main reasons to commence your West Hampstead lease extension

Why you should commence your West Hampstead lease extension today:

Increase your lease and increase your West Hampstead property value

West Hampstead residential property held on a long lease is a wasting asset because a leaseholder merely owns the property for a set term.

An extended lease has roughly the same value as a freehold

Leasehold properties in West Hampstead with in excess of 100 years outstanding on the lease are often 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 upside in buying the freehold unless savings on ground rent and estate charges merit it.

Mortgage lenders may decide not to finance a property on a short lease

Lenders are really clamping down as regards to properties in West Hampstead with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting the amount of potential purchasers.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barclays plc Mortgage term plus 25 years provided that leases of less than 85 years are be referred to us for approval.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society 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.
Leeds Building Society 85 years remaing from the start of the mortgage.

What makes us experts in West Hampstead lease extensions?

Engaging our service will provide you better control over the value of your West Hampstead leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide 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:

Toby, West Hampstead, North London

Last Winter Toby, came seriously near to the 80-year threshold with the lease on his studio apartment in West Hampstead. In buying his home twenty years previously, the lease term was of no bearing. Luckily, it dawned on him that he would soon be paying way over the odds for a lease extension. Toby was able to extend his lease just in the nick of time last May. Toby and the landlord ultimately agreed on a premium of £5,000 . If the lease had dipped lower than eighty years, the amount would have increased by at least £1,050.

West Hampstead case:

Ms Georgina Roux moved into a newly refurbished flat in West Hampstead in July 2008. The dilemma was if we could shed any light on how much (roughly) price could be for a 90 year lease extension. Comparative homes in West Hampstead with a long lease were in the region of £275,000. The average amount of ground rent was £55 billed yearly. The lease expired in 2098. Having 77 years as a residual term we approximated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus legals.

Decision in Barnet

An example of a Lease Extension case for a West Hampstead property 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 affected 1 flat.