Main reasons to commence your Hanwell lease extension

Top reasons for lease extension now:

A Hanwell lease depreciates with the years remaining on the lease.

Hanwell residential property held on a long lease is a depreciating asset because a leaseholder merely owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders will not lend with a short lease

Almost all mortgage lenders will not grant a mortgage on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Hanwell property being difficult to sell or to obtain finance on.

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

Irrespective of whether you are a tenant or a freeholder in Hanwell,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hanwell valuers.

Hanwell Lease Extension Example Cases:

Riley, Hanwell, West London,

Riley was the the leasehold proprietor of a high value flat in Hanwell being marketed with a lease of a little over 72 years left. Riley informally spoke with his landlord a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £125 annually. No ground rent would be due on a lease extension were Riley to invoke his statutory right. Riley obtained expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.

Hanwell case:

Dr R Patel bought a first floor apartment in Hanwell in February 2008. We are asked if we could approximate the compensation to the landlord could be for a 90 year lease extension. Comparative flats in Hanwell with an extended lease were worth £242,600. The average ground rent payable was £45 billed annually. The lease expired on 25 January 2093. Given that there were 67 years as a residual term we approximated the premium to the landlord to extend the lease to be within £11,400 and £13,200 plus expenses.