Why you should commence your Hounslow lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hounslow property value

When it comes to long leasehold premises in Hounslow, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a long period of time, you may consider extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease increases markedly especially once there are less than eighty years remaining. Residents in Hounslow with a lease nearing 81 years remaining should seriously consider extending it without delay. When a lease has fewer than 80 years outstanding, under the current statute the freeholder is entitled to calculate and charge a larger amount, based on a technical calculation, known as “marriage value” which is due.

Hounslow property with a lease extension has roughly the same value as a freehold

Leasehold properties in Hounslow with in excess of 100 years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to finance a property on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. As plenty of flats in Hounslow were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Hounslow?

Retaining our service will provide you enhanced control over the value of your Hounslow leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Hounslow Lease Extension Example Cases:

Leah, Hounslow, West London,

After unsuccessful negotiations with the freeholder of her ground floor flat in Hounslow, Leah started the lease extension process as the eighty year deadline was swiftly advancing. The legal work was concluded in January 2007. The landlord’s costs were negotiated to approximately 450 GBP.

Hounslow case:

Last Christmas we were called by Ms Bethan Miller , who took over the lease of a one bedroom flat in Hounslow in June 2010. We are asked if we could estimate the premium would likely be for a 90 year extension to my lease. Comparative properties in Hounslow with an extended lease were in the region of £166,400. The mid-range amount of ground rent was £60 collected quarterly. The lease ended in 2080. Having 54 years as a residual term we estimated the premium to the landlord for the lease extension to be within £32,300 and £37,400 exclusive of professional charges.