Top reasons for West Drayton lease extension

Why you should start your West Drayton lease extension today:

A West Drayton leasehold property depreciates with the years remaining on the lease.

West Drayton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in West Drayton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in West Drayton you should investigate if your lease has between seventy and 90 years remaining. There are compelling reasons why a West Drayton leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is effected without delay

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

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not lend on a short lease

Mortgage companies are really restricting their approach as regards to homes in West Drayton with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus narrowing your market.

Why use us for your lease extension in West Drayton?

Lease extensions in West Drayton can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.

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:

Olivia, West Drayton, West London,

Subsequent to protracted correspondence with the freeholder of her purpose-built apartment in West Drayton, Olivia commenced the lease extension process as the 80 year deadline was swiftly approaching. The transaction completed in September 2013. The landlord’s charges were kept to an absolute minimum.

West Drayton case:

Dr Niamh Sharif acquired a one bedroom apartment in West Drayton in August 1995. The question was if we could estimate the premium could be for a ninety year extension to my lease. Comparable properties in West Drayton with a long lease were worth £265,000. The average amount of ground rent was £50 invoiced quarterly. The lease expired on 24 February 2099. Given that there were 73 years as a residual term we calculated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.