Why you should commence your Hanworth lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hanworth property value

Chances are that if you own a flat in Hanworth you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom 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 any lease with more than 45 years remaining, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may not lend with a short lease

Most mortgage lenders will not grant a mortgage on a lease with less than 70 years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Hanworth property becoming difficult to sell or remortgage.

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

The conveyancing solicitors that we work with undertake 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 lawyer we work with provide it.

Hanworth Lease Extension Case Summaries:

Max, Hanworth, North London

Last October Max, came perilously near to the eighty-year mark with the lease on his first floor apartment in Hanworth. In buying his property 19 years previously, the length of the lease was of minimal importance. Fortunately, he recognised he needed to take steps soon on Extending the lease. Max arranged for a lease extension just ahead of time in September. Max and the landlord who owned the flat above eventually agreed on a premium of £6,000 . If the lease had dropped lower than eighty years, the premium would have become more costly by at least £1,000.

Hanworth case:

Last Winter we were approach by Mrs D Nguyen , who completed a one bedroom flat in Hanworth in June 2007. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by ninety years. Similar flats in Hanworth with a long lease were in the region of £295,000. The mid-range ground rent payable was £50 collected quarterly. The lease finished in 2101. Considering the 75 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £8,600 and £9,800 exclusive of fees.