Why you should start your Greenford lease extension

Why you should start your Greenford lease extension today:

Increase your lease and increase your Greenford property value

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Greenford. Clearly, the term of lease remaining reduces as time goes by. This is often overlooked and only raises itself as an issue when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to procure a lease extension. Qualifying leaseholders in Greenford have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. Do give due deliberation before putting off your Greenford lease extension. Putting off the cost now likely increases the price you will ultimately incur for a lease extension

An extended lease has roughly the same value as a freehold

Leasehold premises in Greenford with more than 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and service charges merit it.

Lending institutions may not loan monies on a short lease

Mortgage lenders have set criteria when lending monies secured on leasehold homes. Many will simply not lend at all once the residual lease term falls under a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired term of less than 75 years as adequate security. In addition to impacting your ability to sell, it is also relevant where you are seeking to remortgage your Greenford property.

Why use us for your lease extension in Greenford?

Lease extensions in Greenford can be a difficult process. We recommend you get guidance from a conveyancer and valuer well versed in the legislation and lease extension process.

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 a wealth of experience procuring Greenford lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Greenford Lease Extension Case Studies:

Katie, Greenford, West London,

Subsequent to unsuccessful correspondence with the landlord of her studio apartment in Greenford, Katie initiated the lease extension process as the 80 year threshold was quickly nearing. The lease extension was finalised in August 2005. The freeholder’s fees were negotiated to a tad over 450 pounds.

Greenford case:

Mr and Mrs. P Lambert acquired a purpose-built flat in Greenford in February 1998. The question was if we could estimate the price would be for a ninety year lease extension. Comparable flats in Greenford with a long lease were worth £218,000. The average ground rent payable was £45 billed monthly. The lease lapsed in 2089. Having 63 years left we estimated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 not including costs.