Why you should commence your East Acton lease extension

Main reasons to commence your East Acton lease extension today:

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

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 your lease becomes more expensive. The majority of owners of residential leasehold property in East Acton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in East Acton you should investigate if your lease has between seventy and ninety years remaining. In particular once the remaining lease term slips under eighty years, the premium due on any lease extension sharply increases as an element of the premium you pay is what is known as a marriage value

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

It is generally accepted that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may decide not to grant a mortgage with a short lease

Many mortgage companies require a lengthy amount of time left on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they can't obtain a mortgage, then the financial worth of the property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in East Acton?

Regardless of whether you are a tenant or a landlord in East Acton,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 experience and the close ties they enjoy with East Acton valuers.

East Acton Lease Extension Example Cases:

Mia, East Acton, West London,

In the wake of 9 months of unsuccessful negotiations with the landlord of her leasehold flat in East Acton, Mia initiated the lease extension process just as her lease was coming close to the crucial eighty-year mark. The legal work was concluded in July 2011. The landlord’s fees were negotiated to less than 450 GBP.

East Acton case:

Last July we were e-mailed by Dr H Díaz , who bought a purpose-built flat in East Acton in August 1997. We are asked if we could estimate the price could be to extend the lease by ninety years. Similar premises in East Acton with 100 year plus lease were valued around £176,200. The average amount of ground rent was £65 collected yearly. The lease expired on 3 July 2082. Given that there were 56 years outstanding we estimated the premium to the freeholder for the lease extension to be within £29,500 and £34,000 not including expenses.