Stop! Your Lease Extension in Greenford Could Be FREE

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Many leaseholders in Greenford 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 Greenford 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 Greenford lease extension

Main reasons to start your Greenford lease extension today:

Increase your lease and increase your Greenford property value

Greenford residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

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

It is generally considered that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage on a short lease

Banks and building societies are really clamping down as regards to properties in Greenford with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective purchasers.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
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.
Coventry Building Society 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.
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.

Why use us for your lease extension in Greenford?

Irrespective of whether you are a tenant or a freeholder in Greenford,the lease extension solicitors 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 Greenford valuers.

Greenford Lease Extension Example Cases:

Louise, Greenford, West London,

Subsequent to unsuccessful correspondence with the freeholder of her ground floor apartment in Greenford, Louise initiated the lease extension process as the eighty year mark was swiftly coming. The lease extension completed in September 2013. The freeholder’s fees were negotiated to a tad over 700 pounds.

Greenford case:

Mr and Mrs. R Pérez owned a one bedroom flat in Greenford in March 2005. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Greenford with 100 year plus lease were valued about £245,000. The mid-range ground rent payable was £50 collected every twelve months. The lease expired on 8 November 2094. Given that there were 68 years outstanding we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.

Decision in Ealing

An example of a lease Extension matter before the tribunal for a Greenford flat is 25 Beechwood Avenue in November 2012. the Tribunal accordingly determined that the premium for the lease extension should be £24,353. This case related to 1 flat. The unexpired term was 58.19 years.