Main reasons to commence your Hanwell lease extension

Main reasons to start your Hanwell lease extension today:

Increase your lease and increase your Hanwell property value

Owning a flat usually means owning a lease of the property, which has a set term of years. This lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Hanwell. Clearly, the period of lease remaining shortens as time goes by. This is often overlooked and only becomes a problem when the property has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Qualifying long lease owners in Hanwell have the right to extend the lease for an additional 90 years in accordance with statute. You should give careful consideration before delaying your Hanwell lease extension. Putting off that expense now likely increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold residencies in Hanwell with in excess of 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may decide not to issue a mortgage on a short lease

What makes us experts in Hanwell lease extensions?

The conveyancing solicitors that we work with handle 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 conveyancing solicitor we work with provide it.

Hanwell Lease Extension Example Cases:

Jade, Hanwell, West London,

Off the back of lengthy negotiations with the landlord of her studio apartment in Hanwell, Jade initiated the lease extension process just as her lease was nearing the crucial eighty-year mark. The lease extension was finalised in February 2006. The landlord’s costs were kept to an absolute minimum.

Hanwell case:

Ms V Campbell moved into a one bedroom flat in Hanwell in April 2007. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Comparable residencies in Hanwell with an extended lease were in the region of £260,000. The mid-range amount of ground rent was £50 collected annually. The lease lapsed on 26 November 2097. Considering the 71 years remaining we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of expenses.