Why you should commence your Heathrow lease extension

Main reasons to start your Heathrow lease extension today:

A Heathrow lease depreciates with the years remaining on the lease.

Heathrow leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now allowing qualifying Heathrow residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Heathrow you would be well advised to investigate if your lease has between seventy and 90 years left. There are good reasons why a Heathrow leaseholder with a lease having around 80 years unexpired should take steps to make sure that a lease extension is put in place without delay

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years in the future.

Lenders may decide not to finance a property on a short lease

Many mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should be mindful that it is probable that someone wanting to purchase your property in the future might well do, so where they are not able to obtain a mortgage, then the value of the property will likely suffer. In the last decade many banks and building societies have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Heathrow?

Regardless of whether you are a tenant or a landlord in Heathrow,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Heathrow valuers.

Heathrow Lease Extension Example Cases:

Ashleigh, Heathrow, West London,

Off the back of unsuccessful negotiations with the landlord of her leasehold apartment in Heathrow, Ashleigh initiated the lease extension process just as the lease was approaching the crucial 80-year threshold. The lease extension was finalised in July 2014. The freeholder’s costs were kept to an absolute minimum.

Heathrow case:

Dr O Khan bought a ground floor flat in Heathrow in May 1998. The dilemma was if we could shed any light on how much (roughly) price would be to prolong the lease by ninety years. Comparative properties in Heathrow with an extended lease were in the region of £280,000. The average amount of ground rent was £45 collected per annum. The lease elapsed in 2095. Having 70 years unexpired we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.