Main reasons to start your Acton lease extension

Why you should start your Acton lease extension today:

Increase your lease and increase your Acton property value

Acton leases on residential deteriorating in value. Where your lease has approximately 90 years remaining, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Flat owners in Acton will mostly qualify for a lease extension; however It would be wise to check with a conveyancing solicitor to check if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and procedures to comply with once the process is triggered so it’s prudent to be guided by a lawyer during the process.

An extended lease has roughly the same value as a freehold

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

Lenders may not loan monies on a short lease

Almost all banks and building societies will be unwilling to grant a mortgage on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your Acton property being difficult to dispose of or remortgage.

What makes us experts in Acton lease extensions?

Irrespective of whether you are a tenant or a landlord in Acton,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Acton valuers.

Acton Lease Extension Example Cases:

Benjamin, Acton, West London

14 months ago Benjamin, came perilously near to the eighty-year threshold with the lease on his purpose- built flat in Acton. Having purchased his flat 18 years previously, the lease term was of little importance. Luckily, he recognised he needed to take action soon on a lease extension. Benjamin arranged for a lease extension just under the wire in April. Benjamin and the landlord who owned the flat above ultimately settled on the final figure of £5,000 . If the lease had slipped below 80 years, the amount would have gone up by at least £925.

Acton case:

In 2010 we were approached by Mr and Mrs. G James who, having owned a garden apartment in Acton in January 2012. We are asked if we could shed any light on how much (roughly) price would be to extend the lease by ninety years. Comparable residencies in Acton with an extended lease were in the region of £255,000. The average ground rent payable was £50 collected every twelve months. The lease came to a finish on 22 October 2096. Considering the 70 years as a residual term we calculated the premium to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of costs.