Main reasons to start your Notting Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Notting Hill property value

The basic rule is, all other factors being equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Notting Hill can extend the lease for an additional ninety years in accordance with the 1993 Leasehold Reform Act. Please think carefully before delaying your Notting Hill lease extension. Postponing that expense today simply increases the price you will ultimately be required to pay for a lease extension.

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

It is conventional wisdom that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years ahead.

Lending institutions will not lend with a short lease

Banks and building societies are really restricting their approach as regards to homes in Notting Hill with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the number of potential purchasers.

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

Lease extensions in Notting Hill can be a difficult process. We recommend you obtain professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 procuring Notting Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Notting Hill Lease Extension Case Summaries:

Gabriel, Notting Hill, West London,

Gabriel was the the leasehold owner of a studio flat in Notting Hill on the market with a lease of a little over 59 years unexpired. Gabriel informally approached his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a new rent initially set at £150 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Gabriel to invoke his statutory right. Gabriel procured expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

Notting Hill case:

Ms Olivia Phillips took over the lease of a newly refurbished apartment in Notting Hill in July 1997. We are asked if we could approximate the compensation to the landlord would be to extend the lease by a further 90 years. Comparative homes in Notting Hill with 100 year plus lease were in the region of £246,800. The mid-range ground rent payable was £60 invoiced per annum. The lease ended on 23 June 2075. Taking into account 50 years remaining we approximated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 plus fees.