Main reasons to 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 residential property owned on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

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

Leasehold residencies in West Ealing with over one hundred years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges justify it.

Lenders may not lend with a short lease

Most high street banks are tightening their criteria and a meaningful number now want flats to have at least sixty if not seventy years left at the end of the mortgage. As many flats in West Ealing were created in the 1950s, 1960s and 1970s as a result many now need to be extended if they wish to get a mortgage.

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 valuer 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 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:

Dylan, West Ealing, West London

Last year Dylan, came perilously near to the eighty-year mark with the lease on his two bedroom apartment in West Ealing. Having purchased his property 18 years ago, the unexpired term was of no bearing. Luckily, he noticed he needed to take action soon on Extending the lease. Dylan arranged for a lease extension just in the nick of time in January. Dylan and the freeholder in the end agreed on a premium of £5,500 . If he failed to meet the deadline, the amount would have gone up by a minimum £975.

West Ealing case:

Dr B Green owned a one bedroom apartment in West Ealing in April 2011. The dilemma was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by 90 years. Comparable homes in West Ealing with 100 year plus lease were in the region of £208,600. The average amount of ground rent was £60 collected per annum. The lease elapsed on 6 July 2083. Considering the 57 years outstanding we estimated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus legals.