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Why you should start your Greenford lease extension

Why you should start your Greenford lease extension today:

Increase your lease and increase your Greenford property value

On the balance of probabilities if you own a flat in Greenford you actually own a long leasehold interest over your property

Greenford property with a lease extension is almost the same value as a freehold

Leasehold properties in Greenford with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Mortgage lenders may not issue a mortgage with a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should bear in mind that it is reasonable to assume that someone wishing to buy your property in the future might well do, so in the event that they are not able to get a mortgage, then the market price of the property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to lend on

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.
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.
National Westminster Bank Mortgage term plus 30 years.
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Engaging our service will provide you enhanced control over the value of your Greenford leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Greenford Lease Extension Case Summaries:

Sophia, Greenford, West London,

Trailing unsuccessful discussions with the landlord of her leasehold flat in Greenford, Sophia started the lease extension process just as the lease was approaching the crucial 80-year mark. The legal work completed in April 2013. The landlord’s fees were kept to an absolute minimum.

Greenford case:

Dr Elijah Lewis completed a one bedroom apartment in Greenford in November 2005. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparative premises in Greenford with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 collected per annum. The lease finished on 3 June 2076. Considering the 51 years unexpired we calculated the compensation to the landlord to extend the lease to be within £43,700 and £50,600 exclusive of legals.

Decision in Ealing

An example of a lease Extension matter before the tribunal for a Greenford premises 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 residue of the current lease was 58.19 years.