Why you should commence your Eastcote lease extension

Why you should start your Eastcote lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Eastcote. Clearly, the term of lease remaining reduces as time goes by. This is often overlooked and only becomes a problem when the property needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to procure a lease extension. Eligible leaseholders in Eastcote have the legal entitlement to extend the lease for an additional ninety years in accordance with statute. You should give due consideration before putting off your Eastcote lease extension. Holding off that expense now likely increases the price you will ultimately have to pay for a lease extension

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to finance a property on a short lease

Banks and building societies do not like short residential leases. You most probably experience problems where you wish to sell your flat in Eastcote if the unexpired lease term is less than the criteria set by most mortgage companies. Different lenders have varying requirements but generally theyrequire a minimum remaining lease term of 65 years.

Why use us for your lease extension in Eastcote?

Regardless of whether you are a tenant or a landlord in Eastcote,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 Eastcote valuers.

Eastcote Lease Extension Example Cases:

Amy, Eastcote, West London,

Following protracted discussions with the freeholder of her garden apartment in Eastcote, Amy started the lease extension process just as her lease was approaching the critical eighty-year deadline. The lease extension completed in January 2009. The landlord’s fees were kept to an absolute minimum.

Eastcote case:

Mrs V Martinez acquired a recently refurbished apartment in Eastcote in February 2005. We are asked if we could approximate the premium could be for a ninety year extension to my lease. Similar residencies in Eastcote with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 billed quarterly. The lease expired on 18 November 2098. Having 72 years outstanding we approximated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 not including costs.