Westminster Lease Extension - Free Consultation

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Before you progress with your lease extension in Westminster
Get a quote from one of our lease extension experts with over 20 years experience.

Let them guide you for FREE on the various options available to you.

It may end up saving you thousands.

Why you should commence your Westminster lease extension

Main reasons to commence your Westminster lease extension today:

A Westminster leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Westminster you actually own a long leasehold interest over your property

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

It is generally considered that a residential leasehold with in excess of 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may not finance a property with a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A buyer will likely encounter difficulties to obtain a mortgage and this will result in your Westminster property becoming difficult to sell or to obtain finance on.

Lender Requirement
Bank of Scotland Minimum 70 years from the date of the mortgage.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

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

Irrespective of whether you are a tenant or a freeholder in Westminster,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Westminster valuers.

Westminster Lease Extension Case Studies:

Ali, Westminster, London

In recent months Ali, came perilously close to the eighty-year mark with the lease on his purpose- built apartment in Westminster. Having bought his property two decades ago, the unexpired term was of no interest. Fortunately, he recognised he needed to take steps soon on Extending the lease. Ali was able to extend his lease just ahead of time last September. Ali and the landlord in the end settled on an amount of £5,500 . If the lease had dipped below 80 years, the sum would have escalated by at least £1,125.

Westminster case:

Last month we were called by Mr and Mrs. G Evans , who purchased a recently refurbished flat in Westminster in November 2009. We are asked if we could estimate the price could be to extend the lease by ninety years. Comparable residencies in Westminster with a long lease were in the region of £245,000. The mid-range ground rent payable was £50 billed monthly. The lease came to a finish in 2093. Given that there were 68 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of professional charges.

Decision in Westminster

An example of a Lease Extension matter before the tribunal for a Westminster property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The unexpired term as at the valuation date was 56 years.