Main reasons to commence your Maida Hill lease extension

Main reasons to start your Maida Hill lease extension today:

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

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Maida Hill have the right to extend the lease for a further ninety years under legislation. Do give careful consideration before delaying your Maida Hill lease extension. Putting off the costs now simply increases the amount you will eventually be required to pay for a lease extension.

Maida Hill property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 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 in the future.

Banks and Building Societies may decide not to finance a property with a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Many will simply not lend at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as acceptable security. In addition to this being important when selling, it is also relevant where you are intending to remortgage your Maida Hill property.

Why use us for your lease extension in Maida Hill?

Lease extensions in Maida Hill can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Maida Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Maida Hill Lease Extension Case Summaries:

Hollie, Maida Hill, London,

Trailing protracted correspondence with the landlord of her studio apartment in Maida Hill, Hollie commenced the lease extension process just as the lease was coming close to the crucial eighty-year deadline. The transaction was finalised in June 2011. The freeholder’s fees were kept to an absolute minimum.

Maida Hill case:

Mr Adam Cox bought a one bedroom apartment in Maida Hill in June 1998. We are asked if we could estimate the price would be to extend the lease by 90 years. Comparable flats in Maida Hill with 100 year plus lease were valued about £280,000. The mid-range amount of ground rent was £55 billed per annum. The lease terminated on 27 September 2104. Considering the 78 years outstanding we approximated the compensation to the freeholder to extend the lease to be between £13,300 and £15,400 exclusive of costs.