Top reasons for West Drayton lease extension

Main reasons to commence your West Drayton lease extension today:

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

The nearer a domestic lease in West Drayton nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, over one hundred years remaining then this decrease may be of little impact that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should consider extending without delay. Most flat owners in West Drayton will qualify for this right; that being said a lawyer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for decades to come.

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

The trend since 2008 has been for lenders to tighten lending requirements generally - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past mortgage companies were content with 25 years plus the term of the loan - routinely fifty year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as a prerequisite.

What makes us experts in West Drayton lease extensions?

Lease extensions in West Drayton can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 in-depth market knowledge procuring 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:

Isabelle, West Drayton, West London,

Off the back of lengthy correspondence with the freeholder of her leasehold apartment in West Drayton, Isabelle commenced the lease extension process just as the lease was approaching the all-important 80-year threshold. The legal work was concluded in July 2005. The freeholder’s charges were restricted to about 600 GBP.

West Drayton case:

In 2009 we were contacted by Mrs M Martinez who, having was assigned a lease of a basement flat in West Drayton in July 1995. The question was if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Identical properties in West Drayton with 100 year plus lease were in the region of £227,800. The mid-range ground rent payable was £45 invoiced monthly. The lease ran out in 2091. Taking into account 65 years unexpired we calculated the compensation to the landlord for the lease extension to be within £13,300 and £15,400 exclusive of legals.