Why you should start your Ickenham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ickenham property value

Ickenham leases on domestic properties are gradually losing value. if your lease has in the region of ninety years left, you should start considering the need for 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 below eighty years - otherwise a higher amount will be due. Leasehold owners in Ickenham will usually qualify for a lease extension; however It would be wise to check with a lawyer to check your eligibility. In some circumstances you may not be entitled. There are prescribed deadlines and formalities to comply with once the process has commenced so it’s prudent to be guided by a conveyancing solicitor during the process.

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

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Banks and Building Societies will not grant a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have a minimum of sixty if not seventy years left once the mortgage has expired. Considering a number of flats in Ickenham were created in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Ickenham?

The conveyancing solicitors that we work with undertake Ickenham 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 conveyancing solicitor we work with provide it.

Ickenham Lease Extension Case Studies:

Nicole, Ickenham, West London,

In the wake of 9 months of protracted negotiations with the freeholder of her leasehold flat in Ickenham, Nicole commenced the lease extension process as the eighty year threshold was swiftly advancing. The transaction completed in November 2014. The freeholder’s fees were kept to an absolute minimum.

Ickenham case:

In 2013 we were phoned by Dr Liam Sánchez who, having bought a one bedroom apartment in Ickenham in June 2001. The dilemma was if we could approximate the premium could be for a ninety year lease extension. Comparative flats in Ickenham with an extended lease were in the region of £225,800. The average ground rent payable was £60 billed annually. The lease came to a finish in 2086. Having 60 years outstanding we calculated the premium to the landlord for the lease extension to be within £23,800 and £27,400 plus expenses.