Why you should commence your West Ealing lease extension

Top reasons for lease extension now:

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

West Ealing leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. It is the case that most West Ealing tenants have the right to extend their lease by an additional 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in West Ealing you should investigate if your lease has between seventy and ninety years remaining. There are good reasons why a West Ealing leaseholder with a lease having around eighty years left should take action to make sure that a lease extension is effected without delay

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

It is generally accepted that a property with more than 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Lending institutions may decide not to issue a mortgage on a short lease

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

Regardless of whether you are a tenant or a landlord in West Ealing,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with West Ealing valuers.

West Ealing Lease Extension Case Summaries:

Evan, West Ealing, West London,

Evan was the the leasehold owner of a conversion flat in West Ealing being sold with a lease of fraction over 72 years remaining. Evan informally spoke with his freeholder being a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £100 annually. No ground rent would be payable on a lease extension were Evan to invoke his statutory right. Evan procured expert legal guidance and was able to make a more informed decision and handle with the matter and sell the property.

West Ealing case:

Last Winter we were approach by Ms N Bell , who completed a studio apartment in West Ealing in October 2004. The question was if we could approximate the compensation to the landlord could be to prolong the lease by a further 90 years. Comparable residencies in West Ealing with 100 year plus lease were valued about £233,200. The average amount of ground rent was £60 collected per annum. The lease termination date was on 22 May 2087. Taking into account 61 years left we estimated the compensation to the freeholder for the lease extension to be within £22,800 and £26,400 plus legals.