Top reasons for Eastcote lease extension

Why you should commence your Eastcote lease extension today:

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

For anyone whose Eastcote flat is held on a long lease, our message is clear – if you do nothing, your property will ultimately revert to your landlord, leaving you empty-handed. The fewer the years remaining the less it is worth and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold premises in Eastcote with in excess of 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and service charges warrant it.

Lenders may not lend with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are considered to be unacceptable for lending purposes.

What makes us experts in Eastcote lease extensions?

The conveyancers that we work with procure Eastcote lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Eastcote Lease Extension Example Cases:

Elizabeth, Eastcote, West London,

Off the back of lengthy negotiations with the freeholder of her one bedroom flat in Eastcote, Elizabeth started the lease extension process as the 80 year threshold was fast approaching. The lease extension completed in April 2015. The freeholder’s charges were restricted to less than 450 pounds.

Eastcote case:

Mr and Mrs. P Roberts moved into a recently refurbished flat in Eastcote in June 2005. We are asked if we could estimate the premium could be for a 90 year extension to my lease. Comparative homes in Eastcote with an extended lease were valued around £245,000. The mid-range amount of ground rent was £50 billed per annum. The lease expiry date was on 13 May 2094. Considering the 68 years outstanding we calculated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.