Why you should start 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 domestic properties are gradually losing value. Where your lease has about ninety years left, you should start thinking about a lease extension. An important point to note is that it is financially advisable for your lease extension to take place before the term of the existing lease dips lower than 80 years - otherwise a higher premium will be due. Flat owners in West Ealing will usually qualify for a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not be entitled. There are also strict deadlines and formalities to follow once the process is triggered so it’s wise to be guided by a conveyancer during the process.

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

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may not finance a property on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have a minimum of sixty if not seventy years remaining at the end of the mortgage. As plenty of flats in West Ealing were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in West Ealing lease extensions?

The conveyancers that we work with handle 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 conveyancing solicitor we work with provide it.

West Ealing Lease Extension Example Cases:

Lucy, West Ealing, West London,

After unsuccessful negotiations with the freeholder of her studio flat in West Ealing, Lucy commenced the lease extension process as the eighty year threshold was swiftly approaching. The transaction was finalised in May 2009. The landlord’s fees were kept to an absolute minimum.

West Ealing case:

In 2013 we were phoned by Ms Maisie Ward who, having was assigned a lease of a first floor flat in West Ealing in January 1996. The dilemma was if we could approximate the compensation to the landlord would be to extend the lease by 90 years. Identical properties in West Ealing with an extended lease were worth £223,400. The average amount of ground rent was £60 invoiced every twelve months. The lease terminated in 2084. Given that there were 59 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £27,600 and £31,800 exclusive of costs.