Main reasons to start your Maida Vale lease extension

Main reasons to commence your Maida Vale lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Maida Vale can extend the lease for a further 90 years under statute. Please give careful consideration before delaying your Maida Vale lease extension. Postponing the costs today simply increases the premium you will eventually be required to pay to extend the lease.

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

It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years in the future.

Lending institutions will not finance a property with a short lease

The trend since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the property over which the mortgage is to be granted. This has meant the minimum number of years remaining under the lease required by mortgage companies has increased. Historically lenders would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements have been chipped away by the requirement for longer and longer leases - many now have a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Maida Vale?

The lawyers that we work with procure Maida Vale 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 conveyancer we work with provide it.

Maida Vale Lease Extension Example Cases:

Elijah, Maida Vale, London

In 2014 Elijah, started to get close to the eighty-year threshold with the lease on his leasehold flat in Maida Vale. Having bought his home 19 years ago, the unexpired term was of little significance. by good luck, he became aware that he would soon be paying an escalated premium for a lease extension. Elijah arranged for a lease extension just under the wire in June. Elijah and the landlord ultimately agreed on an amount of £5,500 . If he not met the deadline, the amount would have gone up by a minimum £1,025.

Maida Vale case:

Dr S Phillips acquired a studio apartment in Maida Vale in May 1995. We are asked if we could shed any light on how much (approximately) premium would likely be to prolong the lease by an additional years. Comparative residencies in Maida Vale with 100 year plus lease were in the region of £206,200. The average amount of ground rent was £60 collected quarterly. The lease expired on 14 July 2080. Taking into account 56 years left we approximated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 plus costs.