Stop! Your Lease Extension in Maida Hill Could Be FREE

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Many leaseholders in Maida Hill 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 Maida Hill 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.

Main reasons to commence your Maida Hill lease extension

Main reasons to commence your Maida Hill lease extension today:

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

Unfortunately that a Maida Hill residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the loss of value being disguised by increases in the Maida Hill property market.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher amount will be payable. The majority of flat owners in Maida Hill will be able to extend under the legislation; however a conveyancer should be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your lawyer for the duration of the formalities.

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not issue a mortgage on a short lease

Many mortgage lenders insist on a lengthy amount of time remaining on any leasehold property before they will consider lending on it. Even if you don't need a mortgage, you should bear in mind that it is likely that someone intending to acquire your property in the future might well do, so if they are unable to get a mortgage, then the financial worth of your property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

Lender Requirement
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

Why use us for your lease extension in Maida Hill?

Regardless of whether you are a tenant or a freeholder in Maida Hill,the lease extension solicitors 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 Maida Hill valuers.

Maida Hill Lease Extension Example Cases:

Alice, Maida Hill, London,

Off the back of lengthy discussions with the freeholder of her leasehold flat in Maida Hill, Alice commenced the lease extension process just as the lease was nearing the crucial eighty-year mark. The legal work completed in February 2008. The landlord’s fees were restricted to less than 650 pounds.

Maida Hill case:

Last Summer we were phoned by Dr E Martinez , who bought a ground floor apartment in Maida Hill in October 2004. We are asked if we could approximate the price would be to extend the lease by 90 years. Comparative residencies in Maida Hill with 100 year plus lease were in the region of £218,000. The mid-range amount of ground rent was £45 billed yearly. The lease lapsed in 2089. Taking into account 63 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £17,100 and £19,800 not including costs.

Decision in Kensington and Chelsea

An example of a Lease Extension matter before the tribunal for a Maida Hill property is Flat 1 57 Oxford Gardens in January 2014. the Tribunal decided that the premium to be paidfor a new lease is £61,650.00. This case related to 1 flat. The unexpired term as at the valuation date was 60 years.