Main reasons to commence your West Hill lease extension

Top reasons for lease extension now:

A West Hill leasehold property depreciates with the years remaining on the lease.

West Hill leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. It is the case that most West Hill tenants have the right to extend their lease by an additional 90 years by virtue of the 1993 Leasehold Reform Act. If you are a leasehold owner in West Hill you would be well advised to check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining 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.

Lenders may not grant a mortgage with a short lease

Lending institutions have set criteria when lending funds charged on leasehold homes. Some will simply not lend at all once the residual lease term falls beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as adequate security. As well as this being important when selling, it is also relevant if you are intending to remortgage your West Hill property.

What makes us experts in West Hill lease extensions?

Retaining our service will provide you enhanced control over the value of your West Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

West Hill Lease Extension Example Cases:

Charlotte, West Hill, South West London,

Off the back of protracted negotiations with the freeholder of her ground floor flat in West Hill, Charlotte started the lease extension process as the 80 year deadline was quickly nearing. The legal work was concluded in July 2010. The freeholder’s fees were kept to an absolute minimum.

West Hill case:

Mr and Mrs. R Ward acquired a ground floor apartment in West Hill in May 2001. The question was if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Comparable premises in West Hill with an extended lease were worth £200,800. The average amount of ground rent was £65 billed per annum. The lease ended in 2086. Given that there were 60 years left we calculated the premium to the freeholder for the lease extension to be between £20,900 and £24,200 not including professional charges.