Top reasons for Eastcote lease extension

Why you should commence your Eastcote lease extension today:

Increase your lease and increase your Eastcote property value

Eastcote residential property held on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Eastcote with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property with a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Some will simply refrain from lending at all once an unexpired lease term slips lower than a certain unexpired lease term. Many Lending institutions will not regard property with a remaining term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Eastcote property.

What makes us experts in Eastcote lease extensions?

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

Eastcote Lease Extension Case Studies:

Luca, Eastcote, West London

Half a year ago Luca, started to get near to the 80-year mark with the lease on his first floor flat in Eastcote. Having bought his home two decades ago, the length of the lease was of little interest. Luckily, it dawned on him that he would soon be paying an escalated premium for a lease extension. Luca was able to extend his lease at the eleventh hour last January. Luca and the landlord who owned the flat above in the end settled on the final figure of £5,000 . If he not met the deadline, the sum would have become more exhorbitant by at least £975.

Eastcote case:

In 2011 we were contacted by Dr Stephanie Kelly who, having purchased a garden flat in Eastcote in September 2003. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparable premises in Eastcote with an extended lease were valued around £225,400. The average amount of ground rent was £45 collected annually. The lease elapsed in 2090. Having 64 years outstanding we estimated the compensation to the landlord to extend the lease to be within £16,200 and £18,600 plus expenses.