Why you should start your Maida Hill lease extension

Why you should start your Maida Hill lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Maida Hill can extend the lease for an additional 90 years in accordance with legislation. Do give careful consideration before delaying your Maida Hill lease extension. Shelving the costs now simply escalates the premium you will ultimately be required to pay for a lease extension.

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

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 30 years remaining, the premises will be equivalent in value to a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

Many mortgage lenders will be unwilling to lend on a lease with under seventy years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult in obtaining a mortgage and this will result in your Maida Hill property being difficult to sell or refinance.

Why use us for your lease extension in Maida Hill?

Irrespective of whether you are a tenant or a landlord in Maida Hill,the lease extension solicitors that we work with will always be happy 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:

Joshua, Maida Hill, London

Last year Joshua, came precariously close to the eighty-year threshold with the lease on his purpose- built apartment in Maida Hill. In buying his property two decades ago, the unexpired term was of minimal importance. As luck would have it, he became aware that he needed to take action soon on Extending the lease. Joshua extended the lease at the eleventh hour in September. Joshua and the freeholder via the management company in the end agreed on an amount of £5,000 . If the lease had dropped to less than eighty years, the price would have become more exhorbitant by at least £1,000.

Maida Hill case:

In 2009 we were e-mailed by Dr N Bell who, having owned a recently refurbished apartment in Maida Hill in November 2005. The question was if we could shed any light on how much (roughly) price could be for a 90 year extension to my lease. Similar homes in Maida Hill with an extended lease were worth £210,600. The average ground rent payable was £45 billed annually. The lease terminated on 8 March 2088. Considering the 62 years unexpired we calculated the premium to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of fees.