Main reasons to commence your Chiswick lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chiswick property value

The value of Chiswick leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold properties in Chiswick with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Banks and Building Societies may not finance a property with a short lease

The propensity since 2008 has been for mortgage companies to tighten lending criteria generally - this has extended to the property over which the home loan is to be granted. This has meant the minimum number of years remaining under the lease required by lenders has increased. Historically banks were content with twenty years plus the term of the loan - typically 50 year leases but those requirements have been chipped away by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

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

Lease extensions in Chiswick can be a difficult process. We recommend you procure guidance from a lawyer and valuer with experience in this area.

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 a wealth of experience procuring Chiswick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chiswick Lease Extension Case Summaries:

Aimee, Chiswick, West London,

Trailing protracted correspondence with the landlord of her basement apartment in Chiswick, Aimee initiated the lease extension process as the 80 year deadline was rapidly nearing. The lease extension completed in April 2007. The freeholder’s costs were negotiated to below six hundred GBP.

Chiswick case:

In 2012 we were e-mailed by Dr Rebecca Martin who, having completed a purpose-built flat in Chiswick in June 2010. The dilemma was if we could estimate the price could be for a ninety year extension to my lease. Identical residencies in Chiswick with 100 year plus lease were valued around £193,400. The mid-range ground rent payable was £65 invoiced every twelve months. The lease expired on 10 July 2085. Given that there were 59 years as a residual term we estimated the premium to the freeholder to extend the lease to be within £21,900 and £25,200 not including costs.