Why you should start your Acton lease extension

Why you should commence your Acton lease extension today:

A Acton leasehold property depreciates with the years remaining on the lease.

The only way is down when it comes to Acton lease terms. Acton leaseholds that have a remaining term shorter than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will go up.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become concerned at around 75 years. This may cause difficulties when you need to market or remortgage your property as it will be practically unmortgageable. Even though you might have no immediate intention to sell but when you do your buyer must wait a couple of years before they can commence the legal procedures for a lease extension.

Why use us for your lease extension in Acton?

Irrespective of whether you are a tenant or a freeholder 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:

Jade, Acton, West London,

Trailing unsuccessful correspondence with the freeholder of her garden apartment in Acton, Jade commenced the lease extension process as the eighty year threshold was swiftly coming. The transaction completed in April 2012. The freeholder’s fees were restricted to approximately 650 pounds.

Acton case:

In 2010 we were e-mailed by Dr D Adams who, having bought a purpose-built flat in Acton in January 2000. We are asked if we could estimate the premium would likely be for a 90 year lease extension. Comparative homes in Acton with an extended lease were in the region of £254,200. The average ground rent payable was £60 collected every twelve months. The lease ended in 2077. Given that there were 51 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £43,700 and £50,600 plus expenses.