Why you should start your Hanworth lease extension

Why you should commence your Hanworth lease extension today:

Increase your lease and increase your Hanworth property value

As the the remaining lease term of a Hanworth domestic lease diminished so does its value and therefore the value of your property. If the lease has, over 100 years to run then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should extend the lease without delay. Most flat owners in Hanworth will meet the qualifying criteria; that being said a conveyancing solicitor can confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining 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.

Lending institutions will not lend on a short lease

Most mortgage companies require a lengthy amount of time remaining on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to obtain a mortgage, then the value of your property will likely be adversely impacted. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Hanworth?

Lease extensions in Hanworth can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in lease extensions.

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 in-depth market knowledge procuring Hanworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hanworth Lease Extension Case Summaries:

Amy, Hanworth, North London,

Off the back of protracted correspondence with the landlord of her studio flat in Hanworth, Amy commenced the lease extension process just as the lease was approaching the crucial eighty-year threshold. The legal work completed in June 2013. The landlord’s charges were kept to an absolute minimum.

Hanworth case:

In 2009 we were approached by Dr Finn Bernard who, having purchased a recently refurbished apartment in Hanworth in April 2012. The dilemma was if we could approximate the price would be to prolong the lease by 90 years. Similar residencies in Hanworth with 100 year plus lease were valued about £201,200. The average amount of ground rent was £55 invoiced monthly. The lease terminated in 2082. Having 56 years outstanding we approximated the compensation to the landlord to extend the lease to be between £31,400 and £36,200 plus fees.