Top reasons for West Smithfield lease extension

Main reasons to commence your West Smithfield lease extension today:

Increase your lease and increase your West Smithfield property value

West Smithfield leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. Legislation has been in place for sometime now which permits qualifying West Smithfield residential leaseholders to extend the terms of long leases. If you are a leasehold owner in West Smithfield you should check if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under 80 years, the amount payable for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

West Smithfield property with a lease extension has roughly the same value as a freehold

Leasehold residencies in West Smithfield with in excess of one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may decide not to issue a mortgage with a short lease

Almost all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider providing a mortgage on it. Even if you don't need a mortgage, you should be mindful that it is probable that someone wanting to purchase your property in the future might well do, so where they are unable to secure a mortgage, then the value of your property could be adversely impacted. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in West Smithfield?

Using our service will provide you enhanced control over the value of your West Smithfield leasehold, as your property will be more valuable and marketable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

West Smithfield Lease Extension Example Cases:

Eliot, West Smithfield, London,

Eliot was the the leasehold owner of a conversion flat in West Smithfield on the market with a lease of just over sixty years remaining. Eliot on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Eliot to invoke his statutory right. Eliot procured expert legal guidance and secured an acceptable resolution informally and sell the property.

West Smithfield case:

Last Christmas we were approach by Mr and Mrs. G Adams , who took over the lease of a one bedroom apartment in West Smithfield in July 2004. We are asked if we could estimate the premium would be to prolong the lease by an additional years. Comparable homes in West Smithfield with an extended lease were valued about £210,000. The mid-range amount of ground rent was £50 billed yearly. The lease elapsed on 6 June 2106. Considering the 80 years unexpired we calculated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 exclusive of costs.