Why you should 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 domestic properties are gradually losing value. if your lease has about ninety years left, you should start considering the need for a lease extension. It is important to recognise that it is that it is financially advisable for your lease extension to be in place before the term of the current lease drops below 80 years - otherwise a higher amount will be payable. Leasehold owners in Eastcote will usually be legally entitled to a lease extension; however It would be wise to check with a lawyer to check your eligibility. In certain cases you may not be entitled. There are prescribed timetables and procedures to comply with once the process is triggered so it’s sensible to be guided by a lawyer during the process.

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

Leasehold residencies in Eastcote with more than one hundred years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may decide not to issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to properties in Eastcote with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so where you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

What makes us experts in Eastcote lease extensions?

Using our service will provide you better control over the value of your Eastcote leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Eastcote Lease Extension Example Cases:

Aiden, Eastcote, West London,

Aiden owned a high value flat in Eastcote being marketed with a lease of a little over 59 years left. Aiden on an informal basis spoke with his landlord a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Aiden to invoke his statutory right. Aiden procured expert advice and was able to make an informed decision and deal with the matter and readily saleable.

Eastcote case:

Dr Jennifer García purchased a one bedroom apartment in Eastcote in April 2003. We are asked if we could approximate the price would be to extend the lease by an additional years. Comparable homes in Eastcote with 100 year plus lease were in the region of £200,800. The average ground rent payable was £65 billed every twelve months. The lease finished in 2086. Taking into account 60 years outstanding we calculated the premium to the landlord for the lease extension to be between £20,900 and £24,200 plus expenses.