Why you should start your West Drayton lease extension

Main reasons to commence your West Drayton lease extension today:

Increase your lease and increase your West Drayton property value

It’s an underpublicised certainty that a West Drayton residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the West Drayton property prices.Where your lease has approximately ninety years left, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips under eighty years - otherwise a higher premium will be payable. The majority of leasehold owners in West Drayton will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some situations you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the process.

An extended lease is almost the same value as a freehold

Leasehold residencies in West Drayton with more than one hundred years left 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 home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may decide not to finance a property on a short lease

Banks and Building Societies have set criteria when lending monies charged on leasehold property. Many will simply not lend at all once the remaining lease term drops below a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired below 75 years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are wanting to remortgage your West Drayton property.

What makes us experts in West Drayton lease extensions?

Lease extensions in West Drayton can be a difficult process. We recommend you procure professional help from a lawyer and surveyor 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 West Drayton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Drayton Lease Extension Example Cases:

Bethany, West Drayton, West London,

Following lengthy negotiations with the landlord of her first floor apartment in West Drayton, Bethany initiated the lease extension process just as the lease was coming close to the crucial 80-year deadline. The transaction was finalised in March 2010. The landlord’s fees were kept to an absolute minimum.

West Drayton case:

Last Autumn we were called by Mr and Mrs. S Taylor , who bought a studio flat in West Drayton in September 1999. We are asked if we could estimate the premium could be for a ninety year extension to my lease. Comparable homes in West Drayton with a long lease were in the region of £246,800. The average amount of ground rent was £60 collected per annum. The lease finished in 2076. Considering the 50 years outstanding we estimated the premium to the freeholder for the lease extension to be between £44,700 and £51,600 not including costs.