Why you should start your Hounslow lease extension

Top reasons for lease extension now:

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

The only way is down when it comes to Hounslow lease terms. Hounslow flats that have a remaining term fewer than eighty years will reduce in value even faster, and the cost to extend your lease will go up.

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

Leasehold premises in Hounslow with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the freehold unless savings on ground rent and estate charges merit it.

Lending institutions may not loan monies with a short lease

Most banks and building societies will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this could result in your Hounslow property being difficult to sell or refinance.

Why use us for your lease extension in Hounslow?

Engaging our service gives you better control over the value of your Hounslow leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hounslow Lease Extension Example Cases:

Henry, Hounslow, West London

Last year Henry, came very close to the eighty-year threshold with the lease on his one bedroom flat in Hounslow. In buying his home two decades ago, the lease term was of no concern. by good luck, it dawned on him that he would imminently be paying an escalated premium for Extending the lease. Henry arranged for a lease extension just under the wire last March. Henry and the landlord who owned the flat above ultimately settled on a premium of £5,500 . If he not met the deadline, the sum would have become more exhorbitant by at least £1,100.

Hounslow case:

Last year we were e-mailed by Dr Seth Wilson , who was assigned a lease of a garden flat in Hounslow in February 2008. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by a further 90 years. Comparative properties in Hounslow with a long lease were in the region of £225,400. The average amount of ground rent was £45 invoiced quarterly. The lease end date was in 2090. Taking into account 64 years as a residual term we calculated the premium to the freeholder to extend the lease to be within £15,200 and £17,600 plus professional charges.