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Why you should commence your West London lease extension

Main reasons to start your West London lease extension today:

A West London lease depreciates with the years remaining on the lease.

West London leases on residential properties are gradually losing value. Where your lease has approximately ninety years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in West London will usually qualify for a lease extension; however a solicitor should be able confirm your eligibility. In some circumstances you may not qualify. There are also strict timetables and steps to comply with once the process is initiated so it’s prudent to be guided by a lawyer during the process.

West London property with a lease extension has roughly the same value as a freehold

Leasehold properties in West London with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not issue a mortgage on a short lease

Lenders are really restricting their approach as regards to properties in West London with short leases. For example you might discover 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 refuse to lend completely, so where you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing the amount of potential purchasers.

Lender Requirement
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.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaing from the start of the mortgage.
Santander You must report the unexpired lease term to us and await our instructions if:
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided
However, we will not accept a lease where on expiry of the mortgage:
(i) less than 50 years remain and all or part of the loan is repaid on an interest-only basis: or
(ii) less than 30 years remain and the loan is repaid on a capital and interest basis

We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Why use us for your lease extension in West London?

Regardless of whether you are a tenant or a freeholder in West London,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with West London valuers.

West London Lease Extension Case Summaries:

Lucy, West London, London,

Off the back of unsuccessful discussions with the landlord of her studio apartment in West London, Lucy started the lease extension process as the 80 year deadline was rapidly coming. The legal work was finalised in April 2006. The landlord’s charges were negotiated to less than 500 pounds.

West London case:

In 2013 we were contacted by Mr and Mrs. C Dupont who, having bought a first floor apartment in West London in April 1998. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by an additional years. Comparative properties in West London with 100 year plus lease were in the region of £255,000. The average amount of ground rent was £50 collected monthly. The lease finished in 2092. Taking into account 70 years remaining we estimated the compensation to the freeholder to extend the lease to be between £10,500 and £12,000 exclusive of expenses.

Decision in Hackney

An example of a Lease Extension decision for a West London property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The unexpired term was 72.39 years.