Top reasons for 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 properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease becomes more expensive. Most owners of residential leasehold property in Acton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Acton you must investigate if your lease has between 70 and ninety years left. There are good reasons why a Acton flat owner with a lease having around eighty years remaining should take steps to ensure that a lease extension is effected without delay

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

Leasehold residencies in Acton with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges warrant it.

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

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

Why use us for your lease extension in Acton?

Retaining our service gives you increased control over the value of your Acton leasehold, as your property will be more valuable and marketable in respect 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 Summaries:

Hollie, Acton, West London,

Following unsuccessful discussions with the landlord of her studio flat in Acton, Hollie started the lease extension process just as her lease was coming close to the all-important 80-year mark. The transaction completed in November 2012. The landlord’s costs were restricted to about five hundred GBP.

Acton case:

Last Winter we were approach by Mr and Mrs. P Parker , who completed a basement flat in Acton in October 2007. We are asked if we could shed any light on how much (approximately) premium could be for a 90 year extension to my lease. Comparable premises in Acton with an extended lease were valued about £191,000. The average ground rent payable was £65 invoiced annually. The lease came to a finish on 2 April 2084. Given that there were 58 years left we approximated the compensation to the freeholder for the lease extension to be between £23,800 and £27,400 exclusive of legals.