Top reasons for West Drayton lease extension

Why you should commence your West Drayton lease extension today:

Increase your lease and increase your West Drayton property value

As the the remaining lease term of a West Drayton residential lease lessens so does its value and therefore the value of your property. If the lease has, in excess of 100 years to run then this decrease may be negligible nevertheless there will become a stage when a lease has under than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Most flat owners in West Drayton will meet the qualifying criteria; that being said a conveyancer can advise if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

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

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not issue a mortgage with a short lease

Mortgage companies are really restricting their approach as regards to homes in West Drayton with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus narrowing the amount of potential buyers.

Get in touch with one of our West Drayton lease extension solicitors or enfranchisement solicitors

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

West Drayton Lease Extension Case Studies:

Luca, West Drayton, West London,

Luca owned a 2 bedroom apartment in West Drayton on the market with a lease of a little over fifty eight years left. Luca informally contacted his landlord being a well known London-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of an increased rent to £50 per annum. No ground rent would be payable on a lease extension were Luca to exercise his statutory right. Luca obtained expert advice and secured an acceptable deal without resorting to tribunal and sell the flat.

West Drayton case:

Last April we were contacted by Mr and Mrs. D James , who was assigned a lease of a basement flat in West Drayton in September 2007. The question was if we could estimate the premium would be to extend the lease by ninety years. Comparable premises in West Drayton with 100 year plus lease were in the region of £250,000. The average amount of ground rent was £50 collected annually. The lease termination date was on 27 August 2095. Considering the 69 years outstanding we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.