Top reasons for Hanwell lease extension

Main reasons to start your Hanwell lease extension today:

Increase your lease and increase your Hanwell property value

The value of Hanwell leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase significantly once the remaining term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years unexpired, the residence will be worth the same as a freehold for many years ahead.

Lending institutions will not issue a mortgage with a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the types of security over which the home loan is to be granted. This has resulted in the unexpired lease term required by lenders has increased. Historically banks would lend on a lease with 25 years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Hanwell?

Lease extensions in Hanwell can be a difficult process. We recommend you procure professional help from a lawyer and surveyor with experience in this area.

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 a wealth of experience procuring 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 Case Studies:

Kelsey, Hanwell, West London,

Following protracted correspondence with the freeholder of her purpose-built flat in Hanwell, Kelsey commenced the lease extension process as the 80 year threshold was rapidly coming. The legal work was finalised in November 2015. The landlord’s fees were negotiated to under 450 GBP.

Hanwell case:

Mr and Mrs. J Reed moved into a one bedroom apartment in Hanwell in October 2010. We are asked if we could approximate the price could be for a ninety year extension to my lease. Similar homes in Hanwell with a long lease were worth £193,400. The mid-range amount of ground rent was £65 collected every twelve months. The lease expired on 15 June 2085. Considering the 59 years left we estimated the premium to the freeholder for the lease extension to be within £21,900 and £25,200 not including fees.