Top reasons for Hounslow lease extension

Main reasons to start your Hounslow lease extension today:

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

For anyone whose Hounslow flat is held on a long lease, the message is clear – if you do nothing, the property will ultimately revert to the freeholder, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to obtain a lease extension.

Hounslow property with a lease extension is almost the same value as a freehold

It is generally accepted that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage with a short lease

Almost all banks and building societies require a lengthy amount of time left on any leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you need a mortgage, you should keep in mind that it is probable that someone wanting to buy your property in the future might well do, so in the event that they can't obtain a mortgage, then the financial worth of your property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Hounslow?

Lease extensions in Hounslow can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer 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 dealing with Hounslow lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hounslow Lease Extension Example Cases:

Jonathan, Hounslow, West London

Last October Jonathan, came precariously near to the eighty-year threshold with the lease on his leasehold flat in Hounslow. Having purchased his home two decades ago, the unexpired term was of little bearing. Luckily, it dawned on him that he would soon be paying an escalated premium for a lease extension. Jonathan arranged for a lease extension just under the wire last March. Jonathan and the landlord subsequently settled on sum of £5,000 . If the lease had dropped lower than eighty years, the sum would have gone up by at least £925.

Hounslow case:

Last Spring we were contacted by Ms T Mitchell , who acquired a purpose-built flat in Hounslow in October 2007. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparative residencies in Hounslow with an extended lease were valued around £275,000. The mid-range ground rent payable was £55 collected yearly. The lease ran out in 2102. Taking into account 76 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.