Why you should start your Greenford lease extension

Why you should start your Greenford lease extension today:

A Greenford leasehold property depreciates with the years remaining on the lease.

The value of Greenford leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

It is generally accepted that a residential leasehold with in excess of 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not finance a property with a short lease

Many mortgage companies require a lengthy amount of time remaining on a leasehold property before they will contemplate lending on it. Even if you don't require a mortgage, you should be conscious that it is reasonable to assume that someone intending to acquire your property in the future might well do, so where they are not able to obtain a mortgage, then the market price of your property could be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to accept

What makes us experts in Greenford lease extensions?

Regardless of whether you are a tenant or a landlord in Greenford,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Greenford valuers.

Greenford Lease Extension Example Cases:

Bethany, Greenford, West London,

Trailing protracted negotiations with the landlord of her first floor apartment in Greenford, Bethany started the lease extension process just as her lease was approaching the all-important eighty-year deadline. The transaction completed in August 2012. The landlord’s charges were negotiated to a tad over 500 pounds.

Greenford case:

Last Autumn we were e-mailed by Mrs Kelsey Richardson , who moved into a first floor flat in Greenford in November 1996. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparable flats in Greenford with an extended lease were in the region of £261,600. The average amount of ground rent was £60 collected monthly. The lease concluded in 2078. Having 52 years unexpired we calculated the compensation to the landlord for the lease extension to be between £39,000 and £45,000 plus fees.