Top reasons for Hanwell lease extension

Why you should start your Hanwell lease extension today:

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

When it comes to long leasehold premises in Hanwell, you are actually buying an entitlement to reside in a property for a prescribed time frame. In recent years flat leases are usually granted for 99 years or 125. Even though this may appear like a lengthy period of time, you may consider extending the lease sooner rather than later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately greater particularly once there are less than eighty years remaining. Anyone in Hanwell with a lease nearing 81 years unexpired should seriously think of extending it sooner rather than later. Once the lease term has under 80 years outstanding, under the current Act the landlord can calculate and charge a larger amount, based on a technical multiplication, known as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold premises in Hanwell with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and service charges warrant it.

Mortgage lenders will not finance a property with a short lease

Lenders will not lend on short residential leases. You most probably experience difficulties where you wish to sell your flat in Hanwell if the remaining lease term is below the criteria set by most mortgage companies. Different lenders have different criteria but in the main theyrequire a minimum remaining lease term of seventy years.

Why use us for your lease extension in Hanwell?

The conveyancing solicitors that we work with procure Hanwell 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 lawyer we work with provide it.

Hanwell Lease Extension Case Studies:

Isabelle, Hanwell, West London,

Off the back of unsuccessful correspondence with the landlord of her leasehold apartment in Hanwell, Isabelle commenced the lease extension process as the eighty year deadline was quickly approaching. The legal work was concluded in February 2013. The freeholder’s charges were restricted to approximately 600 GBP.

Hanwell case:

Dr Y Anderson bought a one bedroom flat in Hanwell in July 1999. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Comparative properties in Hanwell with 100 year plus lease were in the region of £173,800. The average amount of ground rent was £60 collected every twelve months. The lease concluded on 28 February 2081. Given that there were 55 years remaining we estimated the compensation to the freeholder to extend the lease to be between £31,400 and £36,200 not including professional charges.