Main reasons to commence your Hanwell lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hanwell property value

There is no doubt about it a leasehold flat or house in Hanwell is a wasting asset as a result of the diminishing lease term. Where the residual term has, over one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should consider extending sooner as opposed to later. Most flat owners in Hanwell will qualify for this right; however a conveyancing solicitor can confirm whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent 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

It is generally considered that a property with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for decades to come.

Mortgage lenders will not issue a mortgage with a short lease

Nearly all mortgage companies will not grant a mortgage on a lease with under seventy years left to run - although this varies from lender to lender. A buyer will likely encounter difficulties to obtain a mortgage and this could result in your Hanwell property being difficult to sell or refinance.

What makes us experts in Hanwell lease extensions?

Lease extensions in Hanwell can be a difficult process. We recommend you secure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

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 Hanwell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hanwell Lease Extension Example Cases:

Niamh, Hanwell, West London,

Subsequent to protracted discussions with the landlord of her one bedroom apartment in Hanwell, Niamh commenced the lease extension process as the 80 year threshold was quickly coming. The lease extension completed in September 2007. The freeholder’s costs were restricted to under 550 GBP.

Hanwell case:

In 2010 we were e-mailed by Mrs S Torres who, having acquired a purpose-built apartment in Hanwell in March 2009. The question was if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year lease extension. Similar properties in Hanwell with a long lease were worth £218,000. The mid-range amount of ground rent was £45 billed annually. The lease expiry date was on 14 October 2089. Considering the 63 years remaining we approximated the compensation to the freeholder to extend the lease to be within £17,100 and £19,800 plus costs.