Main reasons to commence your West Ealing lease extension

Top reasons for lease extension now:

Increase your lease and increase your West Ealing property value

Unfortunately that a West Ealing residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the West Ealing property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. If lease term drops below eighty years, you will end up paying 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property Most flat owners in West Ealing will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancer throughout the formalities.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 30 years left, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not loan monies on a short lease

Banks and building societies are really clamping down as regards to homes in West Ealing with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting your market.

What makes us experts in West Ealing lease extensions?

Lease extensions in West Ealing can be a difficult process. We recommend you secure 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 a wealth of experience procuring West Ealing lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Ealing Lease Extension Example Cases:

Archie, West Ealing, West London,

Archie was the the leasehold owner of a conversion apartment in West Ealing on the market with a lease of just over fifty eight years remaining. Archie informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be payable on a lease extension were Archie to invoke his statutory right. Archie obtained expert advice and was able to make a more informed decision and handle with the matter and readily saleable.

West Ealing case:

Ms Y Mitchell acquired a one bedroom flat in West Ealing in April 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by ninety years. Comparable properties in West Ealing with an extended lease were in the region of £189,000. The average amount of ground rent was £55 collected annually. The lease finished in 2079. Given that there were 53 years unexpired we calculated the premium to the landlord to extend the lease to be between £28,500 and £33,000 plus costs.