Top reasons for Maida Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Maida Hill property value

Unfortunately that a Maida Hill residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the early years due to the reduction being disguised by increases in the Maida Hill property market.Once your lease gets to 85ish years, you need to start thinking about a lease extension. If the number of years remaining falls under eighty years, you will end up paying 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 extra value that a lease extension will add the property Most flat owners in Maida Hill will be able to extend under the legislation; however a conveyancing solicitor should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor for the duration of the process.

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

It is generally considered that a property with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for many years ahead.

Lenders may not issue a mortgage with a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years remaining once the mortgage has expired. Considering many flats in Maida Hill were created in the fifties, sixties and seventies this means many now require lease extensions if they if they are to be mortgageable.

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

Irrespective of whether you are a tenant or a landlord in Maida Hill,the lease extension lawyers 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 Case Studies:

Evan, Maida Hill, London

Half a year ago Evan, came seriously near to the eighty-year mark with the lease on his one bedroom flat in Maida Hill. Having purchased his property 19 years previously, the lease term was of little bearing. As luck would have it, he noticed he would imminently be paying an escalated premium for a lease extension. Evan arranged for a lease extension at the eleventh hour in September. Evan and the freeholder via the management company subsequently agreed on a premium of £6,000 . If the lease had descended lower than 80 years, the figure would have increased by a minimum £850.

Maida Hill case:

Mr and Mrs. M Bernard took over the lease of a purpose-built flat in Maida Hill in May 1998. The dilemma was if we could estimate the premium could be to extend the lease by ninety years. Similar properties in Maida Hill with an extended lease were in the region of £255,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease end date was on 28 July 2096. Considering the 70 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 plus expenses.