Top reasons for Hanwell lease extension

Main reasons to commence your Hanwell lease extension today:

Increase your lease and increase your Hanwell property value

Hanwell leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Hanwell residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Hanwell you should see if your lease has between seventy and ninety years left. There are good reasons why a Hanwell leaseholder with a lease having around eighty years unexpired should take steps to make sure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may not finance a property on a short lease

The trend since over the last decade has been for banks to tighten lending criteria generally - this has extended to the property over which the mortgage is to be charged. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies would grant a mortgage on a lease with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

Why use us for your lease extension in Hanwell?

Using our service gives you increased control over the value of your Hanwell leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Hanwell Lease Extension Example Cases:

Chloe, Hanwell, West London,

Following lengthy discussions with the landlord of her garden flat in Hanwell, Chloe commenced the lease extension process as the eighty year threshold was quickly coming. The transaction was finalised in June 2008. The freeholder’s costs were negotiated to slightly above 650 pounds.

Hanwell case:

Mr and Mrs. Y Thompson took over the lease of a one bedroom apartment in Hanwell in April 1995. The question was if we could approximate the price would likely be to extend the lease by 90 years. Identical homes in Hanwell with a long lease were worth £208,200. The mid-range ground rent payable was £65 billed every twelve months. The lease ended in 2086. Given that there were 61 years remaining we estimated the premium to the landlord for the lease extension to be between £20,000 and £23,000 exclusive of costs.