Main reasons to commence your Hanworth lease extension

Main reasons to start your Hanworth lease extension today:

Increase your lease and increase your Hanworth property value

The rule of thumb is, all other factors being equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hanworth have the legal entitlement to extend the lease for a further ninety years under legislation. Please give careful consideration before delaying your Hanworth lease extension. Shelving that expense today simply escalates the amount you will ultimately have to pay for a lease extension.

Hanworth property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with more than one hundred years remaining is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not loan monies with a short lease

Lenders are making their criteria more stringent and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Considering plenty of flats in Hanworth were built in the fifties, sixties and seventies this means many now need to be extended if they if they are to be mortgageable.

Get in touch with one of our Hanworth lease extension solicitors or enfranchisement solicitors

The conveyancers that we work with handle Hanworth 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 conveyancing solicitor we work with provide it.

Hanworth Lease Extension Example Cases:

Archie, Hanworth, North London,

Archie owned a 2 bedroom flat in Hanworth being sold with a lease of a little over fifty eight years unexpired. Archie informally contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £100 per annum. Ordinarily, ground rent would not be due on a lease extension were Archie to exercise his statutory right. Archie procured expert legal guidance and was able to make an informed decision and deal with the matter and sell the property.

Hanworth case:

In 2012 we were phoned by Mr K Torres who, having purchased a ground floor apartment in Hanworth in February 2008. The question was if we could approximate the premium would be for a 90 year lease extension. Identical properties in Hanworth with 100 year plus lease were valued around £285,000. The average amount of ground rent was £45 invoiced monthly. The lease ended on 13 January 2097. Given that there were 71 years outstanding we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of expenses.