Stop! Your Lease Extension in Ealing Could Be FREE

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Many leaseholders in Ealing are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Ealing has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should start your Ealing lease extension

Top reasons for lease extension now:

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

The market value of Ealing leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the remaining term is less than eighty years

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years left, the property will be worth the same as a freehold for many years ahead.

Lenders will not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Ealing with short leases. For instance you may find that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Retaining our service will provide you increased control over the value of your Ealing leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Ealing Lease Extension Example Cases:

Joshua, Ealing, West London,

Joshua was the the leasehold proprietor of a studio flat in Ealing on the market with a lease of a few days over sixty years outstanding. Joshua informally spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent at the outset set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Joshua to exercise his statutory right. Joshua procured expert legal guidance and was able to make an informed judgement and handle with the matter and ending up with a market value flat.

Ealing case:

In 2009 we were e-mailed by Mr and Mrs. Y Nguyen who, having moved into a studio apartment in Ealing in February 1996. The dilemma was if we could shed any light on how much (approximately) price would likely be for a ninety year lease extension. Similar properties in Ealing with a long lease were worth £265,200. The average amount of ground rent was £65 collected per annum. The lease expired on 17 April 2092. Having 66 years unexpired we estimated the compensation to the landlord to extend the lease to be within £15,200 and £17,600 plus legals.

Decision in Ealing

An example of a Lease Extension matter before the tribunal for a Ealing residence is Flat 4 38 The Mall in April 2014. the Tribunal held that the premium payable for the lease extension to be £25,451 This case affected 1 flat. The unexpired lease term was 68.7 years.