Main reasons to start your East Acton lease extension

Top reasons for lease extension now:

Increase your lease and increase your East Acton property value

East Acton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now which entitles qualifying East Acton residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in East Acton you would be well advised to check if your lease has between seventy and 90 years remaining. There are good reasons why a East Acton flat owner with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be worth the same as a freehold for decades to come.

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

Most high street banks are making their criteria more stringent and many now require flats to have at least 60 if not 70 years left at the expiry of the mortgage. Considering a number of flats in East Acton were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in East Acton?

Using our service will provide you increased control over the value of your East Acton leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

East Acton Lease Extension Example Cases:

Kyle, East Acton, West London,

Kyle was the the leasehold owner of a studio flat in East Acton being marketed with a lease of a little over 59 years left. Kyle informally approached his landlord a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £200 yearly. Ordinarily, ground rent would not be payable on a lease extension were Kyle to exercise his statutory right. Kyle procured expert advice and was able to make an informed judgement and deal with the matter and readily saleable.

East Acton case:

Mr F Cook acquired a one bedroom flat in East Acton in March 2004. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Similar flats in East Acton with a long lease were valued about £245,000. The average ground rent payable was £50 collected per annum. The lease end date was in 2094. Considering the 68 years remaining we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus fees.