Top reasons for Westminster lease extension

Main reasons to start your Westminster lease extension today:

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

With a residential leasehold property in Westminster, you are actually purchasing a right to reside in a property for a set period of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you may consider a lease extension sooner as opposed to later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately greater particularly once there are less than 80 years remaining. Residents in Westminster with a lease drawing near to 81 years remaining should seriously consider extending it as soon as possible. When a lease has under eighty years left, under the relevant statute the freeholder can calculate and demand a greater premium, assessed on a technical computation, known as “marriage value” which is due.

Westminster property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to issue a mortgage with a short lease

What makes us experts in Westminster lease extensions?

Lease extensions in Westminster can be a difficult process. We recommend you get professional help from a lawyer and surveyor 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 a wealth of experience procuring Westminster lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Westminster Lease Extension Example Cases:

Jade, Westminster, London,

Trailing lengthy discussions with the landlord of her garden flat in Westminster, Jade commenced the lease extension process as the eighty year deadline was fast approaching. The transaction completed in January 2008. The freeholder’s charges were kept to an absolute minimum.

Westminster case:

In 2014 we were approached by Mr J Martinez who, having acquired a basement apartment in Westminster in February 1996. We are asked if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparable premises in Westminster with a long lease were in the region of £260,000. The average amount of ground rent was £50 collected quarterly. The lease concluded on 26 March 2098. Taking into account 72 years remaining we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 plus fees.