Main reasons to commence your Eastcote lease extension

Top reasons for lease extension now:

Increase your lease and increase your Eastcote property value

Eastcote leases on residential properties are gradually losing 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 90 years in accordance with the 1993 Leasehold Reform Act. If you are a leasehold owner in Eastcote you would be well advised to check if your lease has between 70 and 90 years remaining. There are compelling reasons why a Eastcote flat owner with a lease having around eighty years unexpired should take action to ensure that a lease extension is put in place without delay

Eastcote property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years remaining, the property will be worth the same as a freehold for decades to come.

Lenders may decide not to loan monies on a short lease

Almost all mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone intending to buy your property in the future might well do, so if they can't obtain a mortgage, then the financial worth of your property could suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to lend on

Get in touch with one of our Eastcote lease extension solicitors or enfranchisement solicitors

Lease extensions in Eastcote can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

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:

Freddie, Eastcote, West London,

Freddie owned a conversion flat in Eastcote on the market with a lease of a few days over 59 years unexpired. Freddie on an informal basis contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Freddie to exercise his statutory right. Freddie procured expert legal guidance and secured an acceptable resolution informally and ending up with a market value flat.

Eastcote case:

Last year we were contacted by Dr I Bell , who moved into a ground floor apartment in Eastcote in June 2001. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Identical homes in Eastcote with an extended lease were worth £250,000. The average ground rent payable was £50 invoiced monthly. The lease ended in 2095. Taking into account 69 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.