Main reasons to start your Eastcote lease extension

Why you should start your Eastcote lease extension today:

Increase your lease and increase your Eastcote property value

Eastcote 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 gets more expensive. It is the case that most Eastcote tenants have the right to extend their lease by an additional ninety years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Eastcote you would be well advised to investigate if your lease has between 70 and 90 years left. There are compelling reasons why a Eastcote leaseholder with a lease having around eighty years remaining should take action to ensure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 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 premises will be worth the same as a freehold for many years ahead.

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

Most mortgage lenders have constrained their lending criteria in recent years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against property with shorter lease terms, particularly below seventy years as they are considered to be unacceptable for lending purposes.

What makes us experts in Eastcote lease extensions?

Lease extensions in Eastcote can be a difficult process. We recommend you obtain professional help from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Eastcote lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Eastcote Lease Extension Example Cases:

Kyle, Eastcote, West London,

Kyle owned a conversion apartment in Eastcote on the market with a lease of just over sixty years remaining. Kyle on an informal basis spoke with his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Kyle to exercise his statutory right. Kyle procured expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Eastcote case:

Last Christmas we were called by Dr Jason Rivera , who was assigned a lease of a ground floor flat in Eastcote in July 2008. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Similar residencies in Eastcote with 100 year plus lease were valued about £166,400. The mid-range ground rent payable was £60 billed monthly. The lease came to a finish on 5 June 2080. Having 54 years left we approximated the compensation to the freeholder for the lease extension to be within £32,300 and £37,400 exclusive of legals.