Why you should commence your West Ealing lease extension

Top reasons for lease extension now:

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

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will usually be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in West Ealing. Clearly, the term of lease remaining reduces over time. This is often overlooked and only becomes a problem when the property needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in West Ealing have the right to extend the lease for a further ninety years under legislation. Please give careful consideration before putting off your West Ealing lease extension. Holding off that expense now likely increases the price you will ultimately have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in West Ealing with more than one hundred years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Lending institutions will not loan monies with a short lease

Banks and building societies do not like short residential leases. You most probably encounter difficulties if you want to sell your flat in West Ealing if the unexpired lease term is below the criteria set by the majority of lenders. Different lenders have different criteria but on the whole they are looking for an unexpired term of at least seventy years.

What makes us experts in West Ealing lease extensions?

The conveyancers that we work with procure West Ealing lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

West Ealing Lease Extension Example Cases:

Alexander, West Ealing, West London

18 months ago Alexander, came perilously close to the eighty-year mark with the lease on his first floor apartment in West Ealing. In buying his flat two decades ago, the lease term was of minimal interest. As luck would have it, he noticed he needed to take action soon on a lease extension. Alexander was able to extend his lease at the eleventh hour last August. Alexander and the landlord who owned the flat above in the end settled on sum of £5,500 . If he failed to meet the deadline, the amount would have gone up by at least £900.

West Ealing case:

Last Winter we were e-mailed by Mr Omar Mitchell , who took over the lease of a basement flat in West Ealing in June 2007. The dilemma was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative flats in West Ealing with 100 year plus lease were worth £210,000. The mid-range ground rent payable was £50 billed annually. The lease expired in 2106. Having 80 years remaining we calculated the compensation to the landlord to extend the lease to be between £8,600 and £9,800 exclusive of fees.