Top reasons for Maida Hill lease extension

Main reasons to commence 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. Where your lease has about 90 years unexpired, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay 50% 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 to the property. Leasehold owners in Maida Hill will usually qualify for a lease extension; however It would be wise to check with a lawyer to check if you qualify. In certain circumstances you may not qualify. There are prescribed timetables and steps to follow once the process has started so it’s prudent 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

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not lend on a short lease

Most mortgage lenders have narrowed their lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are considered to be unacceptable security.

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

The conveyancers that we work with procure Maida Hill lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Maida Hill Lease Extension Example Cases:

Shannon, Maida Hill, London,

In the wake of 6 months of protracted negotiations with the freeholder of her two bedroom apartment in Maida Hill, Shannon commenced the lease extension process as the 80 year deadline was fast coming. The legal work was finalised in September 2015. The landlord’s charges were restricted to a tad over 500 GBP.

Maida Hill case:

In 2014 we were called by Mr and Mrs. I White who, having was assigned a lease of a one bedroom flat in Maida Hill in August 2002. The question was if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Identical premises in Maida Hill with an extended lease were valued around £235,200. The mid-range amount of ground rent was £45 invoiced annually. The lease came to a finish on 18 October 2092. Taking into account 66 years outstanding we estimated the premium to the freeholder for the lease extension to be within £12,400 and £14,200 exclusive of legals.