Stop! Your Lease Extension in Westminster Could Be FREE

Get a Free Case Review
Many leaseholders in Westminster are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Westminster has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your Westminster lease extension

Why you should commence your Westminster lease extension today:

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

The only way is down when it comes to Westminster lease terms. Westminster properties that have a lease term shorter than 80 years will drop in market price at a rapid rate, and the cost to extend your lease will go up.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Banks and building societies differ in their lending criteria. Some set the bar at 75 years outstanding on the lease; others may be prepared to lend with anything over seventy years. Below sixty years, it may be impossible to get a mortgage at all.

Lender Requirement
Bank of Scotland
Coventry Building Society
Godiva Mortgages
National Westminster Bank
Santander

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

The conveyancing solicitors 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:

Mollie, Westminster, London,

Off the back of unsuccessful negotiations with the landlord of her one bedroom flat in Westminster, Mollie started the lease extension process as the 80 year mark was quickly coming. The transaction was finalised in March 2011. The freeholder’s fees were negotiated to approximately 700 GBP.

Westminster case:

Mr Leon Jones owned a basement flat in Westminster in September 1999. We are asked if we could estimate the price would be for a ninety year lease extension. Comparable properties in Westminster with a long lease were valued about £256,600. The mid-range amount of ground rent was £60 collected per annum. The lease expired on 22 January 2078. Given that there were 52 years remaining we estimated the premium to the landlord for the lease extension to be between £39,000 and £45,000 not including professional charges.

Decision in Westminster

An example of a Lease Extension decision for a Westminster flat is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case related to 2 flats. The unexpired term was 56 years.