Why you should commence your Westminster lease extension

Top reasons for lease extension now:

A Westminster leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Westminster you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 30 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions may decide not to loan monies with a short lease

Why use us for your lease extension in Westminster?

The conveyancers that we work with procure Westminster lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Westminster Lease Extension Example Cases:

Thomas, Westminster, London

Two years ago Thomas, came very near to the 80-year mark with the lease on his ground floor flat in Westminster. Having purchased his flat 18 years previously, the length of the lease was of no concern. Luckily, he became aware that he needed to take steps soon on a lease extension. Thomas arranged for a lease extension just under the wire in September. Thomas and the landlord eventually settled on an amount of £5,000 . If he failed to meet the deadline, the premium would have become more costly by a minimum £975.

Westminster case:

Mr Omar Flores owned a ground floor flat in Westminster in September 2001. The question was if we could shed any light on how much (approximately) compensation to the landlord would likely be to extend the lease by 90 years. Comparable homes in Westminster with 100 year plus lease were in the region of £176,200. The average amount of ground rent was £65 invoiced every twelve months. The lease ran out on 6 April 2082. Having 56 years remaining we approximated the premium to the freeholder for the lease extension to be between £29,500 and £34,000 exclusive of professional charges.