Stop! Your Lease Extension in Gunnersbury Could Be FREE

Get a Free Case Review
Many leaseholders in Gunnersbury are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in Gunnersbury has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Gunnersbury lease extension

Main reasons to commence your Gunnersbury lease extension today:

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

On the balance of probabilities if you own a flat in Gunnersbury you actually own a long leasehold interest over your property

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

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to lend with a short lease

Lending institutions have specific criteria when lending funds secured on leasehold homes. Many will simply refuse lend at all once the residual lease term drops under a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining below seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are wanting to remortgage your Gunnersbury property.

Lender Requirement
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Royal Bank of Scotland Mortgage term plus 30 years.

What makes us experts in Gunnersbury lease extensions?

Lease extensions in Gunnersbury can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 dealing with Gunnersbury lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Gunnersbury Lease Extension Example Cases:

Max, Gunnersbury, West London,

Max was the the leasehold owner of a conversion apartment in Gunnersbury on the market with a lease of fraction over 72 years unexpired. Max informally spoke with his freeholder a well known local-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Max to exercise his statutory right. Max obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the flat.

Gunnersbury case:

Mr and Mrs. I Turner took over the lease of a basement flat in Gunnersbury in January 2002. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Similar premises in Gunnersbury with an extended lease were valued around £168,800. The average amount of ground rent was £60 invoiced annually. The lease ended on 23 May 2081. Having 55 years left we estimated the compensation to the landlord for the lease extension to be between £31,400 and £36,200 exclusive of fees.

Decision in Ealing

An example of a Freehold Enfranchisement case for a Gunnersbury residence is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case was in relation to 2 flats. The remaining number of years on the lease was 64.64 years.