Main reasons to start your West Hill lease extension

Why you should commence your West Hill lease extension today:

Increase your lease and increase your West Hill property value

The market value of West Hill leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in West Hill with over 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 premises. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not issue a mortgage on a short lease

Most banks have constrained their lending criteria in recent 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 insufficient for lending purposes.

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

Lease extensions in West Hill can be a difficult process. We recommend you get professional help from a conveyancer and valuer 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 Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Hill Lease Extension Example Cases:

Catherine, West Hill, South West London,

Off the back of protracted negotiations with the landlord of her garden apartment in West Hill, Catherine started the lease extension process as the eighty year deadline was quickly nearing. The transaction was finalised in June 2012. The landlord’s charges were restricted to below 450 pounds.

West Hill case:

Last November we were approach by Mr and Mrs. K Nguyen , who completed a one bedroom flat in West Hill in February 2010. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparative flats in West Hill with 100 year plus lease were valued around £270,000. The mid-range amount of ground rent was £55 collected every twelve months. The lease expired in 2101. Given that there were 75 years left we approximated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 plus legals.