Main reasons to start your Acton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Acton property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a fixed period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in Acton. Clearly, the period of lease remaining reduces as time goes by. This is often overlooked and only raises itself as an issue when the residence needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying leaseholders in Acton have the legal entitlement to extend the lease for a further ninety years in accordance with statute. Do give careful consideration before putting off your Acton lease extension. Putting off that expense now likely increases the price you will eventually have to pay to extend your lease

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

Leasehold properties in Acton with over 100 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 property. In such circumstances there is often little upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not finance a property with a short lease

Most mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should bear in mind that it is probable that someone intending to acquire your property in the future might well do, so where they are unable to secure a mortgage, then the market price of the property will likely be adversely impacted. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Acton lease extensions?

Engaging our service gives you better control over the value of your Acton leasehold, as your property will be more valuable and marketable in terms of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Acton Lease Extension Case Studies:

Eliot, Acton, West London,

Eliot was the the leasehold proprietor of a conversion flat in Acton being sold with a lease of just over 59 years unexpired. Eliot on an informal basis spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Eliot to invoke his statutory right. Eliot obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Acton case:

Ms Rachel Morris moved into a basement flat in Acton in January 1999. The dilemma was if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Comparable homes in Acton with a long lease were valued around £235,200. The mid-range ground rent payable was £45 collected every twelve months. The lease came to a finish in 2091. Having 66 years outstanding we approximated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 exclusive of expenses.