Why you should start your Hanworth lease extension

Main reasons to start your Hanworth lease extension today:

Increase your lease and increase your Hanworth property value

With a residential leasehold premises in Hanworth, you are actually buying a right to live in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you may consider a lease extension sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive notably when there are fewer than 80 years remaining. Residents in Hanworth with a lease drawing near to 81 years unexpired should seriously consider extending it as soon as possible. When a lease has fewer than 80 years outstanding, under the current legislation the freeholder is entitled to calculate and charge a greater amount, based on a technical computation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders will not finance a property with a short lease

Most high street banks are tightening their criteria and many now require flats to have at least sixty if not seventy years remaining once the mortgage has expired. As plenty of flats in Hanworth were created in the 1950s, 1960s and 1970s this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Hanworth lease extensions?

Lease extensions in Hanworth can be a difficult process. We recommend you get professional help from a conveyancing solicitor and surveyor 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 dealing with 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:

Jayden, Hanworth, North London,

Jayden owned a 2 bedroom apartment in Hanworth on the market with a lease of fraction over fifty eight years remaining. Jayden informally contacted his landlord being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 annually. Ordinarily, ground rent would not be due on a lease extension were Jayden to invoke his statutory right. Jayden obtained expert advice and was able to make a more informed judgement and handle with the matter and sell the property.

Hanworth case:

Dr Joseph Brown bought a first floor apartment in Hanworth in September 1997. The dilemma was if we could estimate the premium could be to prolong the lease by ninety years. Comparable residencies in Hanworth with a long lease were in the region of £181,600. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ended on 12 August 2078. Considering the 52 years outstanding we approximated the premium to the freeholder to extend the lease to be within £30,400 and £35,200 not including legals.