Main reasons to commence your Gunnersbury lease extension

Main reasons to commence your Gunnersbury lease extension today:

Increase your lease and increase your Gunnersbury property value

It’s an underpublicised certainty that a Gunnersbury residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Gunnersbury property market.Where your lease has approximately 90 years left, you should start considering a lease extension. If lease term falls below eighty years, you will end up paying half of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property The majority of flat owners in Gunnersbury will be able to extend under the legislation; however a lawyer will be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancer for the duration of the formalities.

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

Leasehold residencies in Gunnersbury with in excess of 100 years left on the lease are often regarded as a ‘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 warrant it.

Mortgage lenders will not loan monies with a short lease

Lenders are tightening their criteria and a meaningful number now want flats to have at least 60 if not 70 years remaining at the end of the mortgage. Given that a number of flats in Gunnersbury were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Gunnersbury lease extensions?

The conveyancing solicitors that we work with handle Gunnersbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancing solicitor we work with provide it.

Gunnersbury Lease Extension Case Studies:

Gabriel, Gunnersbury, West London

Last October Gabriel, came precariously near to the 80-year threshold with the lease on his first floor flat in Gunnersbury. Having bought his property two decades ago, the unexpired term was of minimal concern. As luck would have it, he recognised he would imminently be paying an inflated amount for Extending the lease. Gabriel extended the lease just ahead of time last April. Gabriel and the freeholder eventually agreed on an amount of £6,000 . If he not met the deadline, the sum would have become more costly by a minimum £850.

Gunnersbury case:

Dr H Reed was assigned a lease of a garden apartment in Gunnersbury in October 2008. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Identical properties in Gunnersbury with an extended lease were valued around £275,000. The mid-range amount of ground rent was £55 invoiced monthly. The lease terminated on 23 January 2103. Taking into account 77 years as a residual term we calculated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of legals.