Main reasons to commence your Maida Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Maida Hill property value

When it comes to residential leasehold premises in Maida Hill, you are actually buying a right to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you may consider extending the lease sooner as opposed to later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately greater especially when there are less than eighty years left. Leasehold owners in Maida Hill with a lease approaching 81 years unexpired should seriously think of extending it without delay. When the lease term has less than 80 years left, under the relevant Act the freeholder can calculate and charge a larger premium, based on a technical calculation, known as “marriage value” which is due.

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

Leasehold residencies in Maida Hill with more than one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Mortgage lenders will not loan monies with a short lease

Lenders do not like short residential leases. You most probably encounter problems if you want to sell your flat in Maida Hill if the unexpired lease term is under the criteria set by most banks and building societies. Different lenders have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

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 lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Maida Hill valuers.

Maida Hill Lease Extension Example Cases:

Max, Maida Hill, London,

Max owned a conversion flat in Maida Hill on the market with a lease of a few days over fifty eight years remaining. Max on an informal basis contacted his freeholder being a well known London-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Max to invoke his statutory right. Max procured expert advice and secured an acceptable deal without going to tribunal and sell the flat.

Maida Hill case:

Mrs G Simon bought a purpose-built apartment in Maida Hill in August 2005. The question was if we could approximate the price could be for a ninety year extension to my lease. Comparative properties in Maida Hill with 100 year plus lease were worth £254,200. The mid-range ground rent payable was £60 invoiced monthly. The lease lapsed in 2077. Taking into account 51 years left we estimated the compensation to the freeholder to extend the lease to be between £43,700 and £50,600 exclusive of legals.