Main reasons to commence your Maida Hill lease extension

Main reasons to start your Maida Hill lease extension today:

Increase your lease and increase your Maida Hill property value

Maida Hill leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start considering the need for a lease extension. If lease term dips under 80 years, you will then have to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Maida Hill will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some situations you may not qualify. There are also strict deadlines and formalities to follow once the process is initiated so it’s wise to be guided by a conveyancing solicitor during the process.

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

Leasehold residencies in Maida Hill with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

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

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 experts that we work with will always be prepared 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 Case Summaries:

Laura, Maida Hill, London,

Following unsuccessful discussions with the freeholder of her one bedroom flat in Maida Hill, Laura initiated the lease extension process as the 80 year deadline was swiftly advancing. The lease extension was finalised in May 2006. The freeholder’s charges were restricted to about 600 GBP.

Maida Hill case:

Mr and Mrs. U Wood acquired a one bedroom apartment in Maida Hill in September 2010. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Identical premises in Maida Hill with 100 year plus lease were worth £265,000. The mid-range ground rent payable was £50 collected monthly. The lease came to a finish in 2100. Taking into account 74 years as a residual term we estimated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.