Main reasons to commence your Gunnersbury lease extension

Main reasons to start your Gunnersbury lease extension today:

Increase your lease and increase your Gunnersbury property value

There is no doubt about it a leasehold property in Gunnersbury is a wasting asset as a result of the diminishing lease term. Where the residual term has, more than 125 years remaining then this decrease may be of little impact however there will become a stage when a lease has under than eighty years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should consider extending without delay. The majority of flat owners in Gunnersbury will meet the qualifying criteria; that being said a conveyancer can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

Leasehold premises in Gunnersbury with in excess of one hundred years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders will not lend with a short lease

Many banks and building societies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will undoubtedly find it difficult in obtaining a mortgage and this will result in your Gunnersbury property becoming difficult to dispose of or to obtain finance on.

What makes us experts in Gunnersbury lease extensions?

Lease extensions in Gunnersbury can be a difficult process. We recommend you get professional help from a conveyancer and valuer with experience in lease extensions.

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 in-depth market knowledge dealing with Gunnersbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gunnersbury Lease Extension Example Cases:

Aarav, Gunnersbury, West London,

Aarav owned a high value flat in Gunnersbury being sold with a lease of a few days over sixty years left. Aarav on an informal basis approached his landlord a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be payable on a lease extension were Aarav to invoke his statutory right. Aarav procured expert advice and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Gunnersbury case:

Mr and Mrs. J Adams moved into a ground floor apartment in Gunnersbury in July 2007. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Comparative premises in Gunnersbury with an extended lease were valued about £166,400. The average amount of ground rent was £60 invoiced monthly. The lease elapsed on 6 March 2080. Taking into account 54 years unexpired we approximated the premium to the landlord to extend the lease to be between £32,300 and £37,400 exclusive of expenses.