Why you should commence your Ealing lease extension

Top reasons for lease extension now:

A Ealing lease depreciates with the years remaining on the lease.

Unfortunately that a Ealing residential lease is a deteriorating asset. As the lease term reduces 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 prices.Where your lease has approximately 90 years left, you should start considering a lease extension. If lease term falls below eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add the property The majority of flat owners in Ealing will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict deadlines and procedures to follow once the process is initiated and you will need to be guided by your lawyer for the duration of the formalities.

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

It is generally considered that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Banks and Building Societies may not lend on a short lease

Lenders are inclined not grant a mortgage on short residential leases. You most probably encounter difficulties if you need to sell your flat in Ealing if the unexpired term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have varying requirements but in the main they are looking for an unexpired term of at least 65 years.

Why use us for your lease extension in Ealing?

Engaging our service will provide you better control over the value of your Ealing leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Ealing Lease Extension Example Cases:

Reuben, Ealing, West London

Last Summer Reuben, came seriously near to the eighty-year mark with the lease on his purpose- built flat in Ealing. In buying his flat 19 years ago, the unexpired term was of no interest. Thankfully, he recognised he needed to take steps soon on a lease extension. Reuben arranged for a lease extension just under the wire last January. Reuben and the landlord who owned the flat above in the end agreed on the final figure of £6,000 . If he failed to meet the deadline, the premium would have escalated by at least £1,075.

Ealing case:

Last year we were phoned by Mr and Mrs. W Cox , who owned a studio flat in Ealing in September 2002. We are asked if we could estimate the premium would be for a ninety year extension to my lease. Identical homes in Ealing with 100 year plus lease were valued about £171,800. The average ground rent payable was £55 billed monthly. The lease termination date was in 2076. Taking into account 50 years unexpired we estimated the premium to the freeholder for the lease extension to be within £32,300 and £37,400 plus professional charges.