Why you should commence your Ealing lease extension

Main reasons to commence your Ealing lease extension today:

Increase your lease and increase your Ealing property value

Unfortunately that a Ealing residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the deflation being disguised by increases in the Ealing property market.Once your lease nears 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Ealing will be able to extend under the legislation; however a conveyancer should be able to clarify whether you qualify for an extension. In some cases you may not be entitled. There are also strict deadlines and procedures to be adhered to once the process is initiated and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Ealing with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions will not lend with a short lease

Mortgage companies are tightening their criteria and many now expect flats to have a minimum of sixty if not seventy years remaining at the expiry of the mortgage. Given that plenty of flats in Ealing were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Get in touch with one of our Ealing lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Ealing,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Ealing valuers.

Ealing Lease Extension Example Cases:

Louise, Ealing, West London,

In the wake of eight months of protracted discussions with the landlord of her leasehold flat in Ealing, Louise initiated the lease extension process as the 80 year deadline was quickly advancing. The lease extension was concluded in April 2013. The freeholder’s charges were restricted to below 550 GBP.

Ealing case:

Mr Isaac Hall was assigned a lease of a garden flat in Ealing in January 1997. We are asked if we could shed any light on how much (roughly) premium would be for a ninety year lease extension. Comparable properties in Ealing with a long lease were valued about £191,400. The average amount of ground rent was £55 collected annually. The lease lapsed on 13 January 2080. Taking into account 54 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £34,200 and £39,600 not including fees.