Stop! Your Lease Extension in West Drayton Could Be FREE

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Many leaseholders in West Drayton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in West Drayton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to commence your West Drayton lease extension

Why you should start your West Drayton lease extension today:

Increase your lease and increase your West Drayton property value

For anyone whose West Drayton property is held on a long lease, the message is clear – if you ignore the situation, the property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not finance a property with a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties if you need to sell your flat in West Drayton if the unexpired lease term is less than the criteria set by the majority of banks and building societies. Different lenders have different criteria but in the main they are looking for a minimum remaining lease term of seventy years.

Lender Requirement
Chelsea Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Leeds Building Society 85 years remaining from the start of the mortgage.
National Westminster Bank Mortgage term plus 30 years.

For Shared Ownership, the remaining term of the lease must be at least 30 years plus the term of the mortgage at the outset of the mortgage.
Santander

If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest.

You must report the unexpired lease term to us and await our instructions if: 
1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or
2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or
3. no valuation report is provided.
 


We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.

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

Engaging our service gives you enhanced control over the value of your West Drayton leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors 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:

Natasha, West Drayton, West London,

Off the back of protracted negotiations with the freeholder of her ground floor apartment in West Drayton, Natasha started the lease extension process as the eighty year deadline was swiftly advancing. The lease extension completed in January 2009. The freeholder’s costs were kept to an absolute minimum.

West Drayton case:

In 2014 we were called by Mr and Mrs. V Wright who, having moved into a one bedroom apartment in West Drayton in March 2008. We are asked if we could estimate the price would likely be to prolong the lease by a further 90 years. Identical properties in West Drayton with 100 year plus lease were worth £183,600. The average amount of ground rent was £65 collected every twelve months. The lease terminated in 2083. Considering the 57 years left we estimated the premium to the landlord for the lease extension to be between £28,500 and £33,000 exclusive of fees.

Decision in Hillingdon

An example of a Freehold Enfranchisement case for a West Drayton residence is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case was in relation to 2 flats. The unexpired term was 69 years.