Main reasons to start your Heathrow lease extension

Why you should commence your Heathrow lease extension today:

Increase your lease and increase your Heathrow property value

Heathrow leases on residential properties are gradually losing value. if your lease has in the region of 90 years remaining, you should start thinking about a lease extension. It is important to recognise that it is that it is financially advisable for a lease extension to be in place before the term of the existing lease dips under 80 years - otherwise a higher amount will be payable. Flat owners in Heathrow will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a conveyancing solicitor during the process.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Lenders will not lend with a short lease

Lenders are really restricting their approach as regards to homes in Heathrow with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash purchaser, or hope for the best at auction thus restricting the amount of prospective buyers.

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

Regardless of whether you are a tenant or a freeholder in Heathrow,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Heathrow valuers.

Heathrow Lease Extension Example Cases:

Natalie, Heathrow, West London,

Trailing unsuccessful correspondence with the freeholder of her ground floor flat in Heathrow, Natalie started the lease extension process just as the lease was nearing the critical 80-year mark. The legal work was finalised in June 2013. The landlord’s costs were negotiated to under 700 GBP.

Heathrow case:

Last year we were contacted by Mr Joseph Morel , who took over the lease of a studio flat in Heathrow in April 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be for a 90 year extension to my lease. Identical flats in Heathrow with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £45 collected yearly. The lease lapsed in 2095. Considering the 69 years outstanding we approximated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of legals.