Why you should start your Hounslow lease extension

Top reasons for lease extension now:

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

The value of Hounslow leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than eighty years

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

Leasehold residencies in Hounslow with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to issue a mortgage on a short lease

Many mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will consider providing a mortgage on it. Regardless of whether you need a mortgage, you should bear in mind that it is likely that someone intending to buy your property in the future might well do, so if they are not able to secure a mortgage, then the financial worth of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Hounslow?

Regardless of whether you are a tenant or a freeholder in Hounslow,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hounslow valuers.

Hounslow Lease Extension Case Summaries:

Theo, Hounslow, West London,

Theo was the the leasehold owner of a 2 bedroom flat in Hounslow being marketed with a lease of fraction over fifty eight years outstanding. Theo on an informal basis spoke with his landlord being a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent to start with set at £100 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Theo to invoke his statutory right. Theo obtained expert advice and secured an acceptable resolution without going to tribunal and readily saleable.

Hounslow case:

Last Summer we were contacted by Mr and Mrs. A Khan , who bought a first floor flat in Hounslow in April 2011. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Similar premises in Hounslow with an extended lease were worth £200,800. The average ground rent payable was £65 invoiced quarterly. The lease concluded in 2086. Taking into account 60 years outstanding we estimated the premium to the landlord to extend the lease to be within £20,900 and £24,200 exclusive of legals.