Why you should commence your Ickenham lease extension

Main reasons to start your Ickenham lease extension today:

Increase your lease and increase your Ickenham property value

Ickenham leases on domestic properties are gradually losing value. Where your lease has in the region of ninety years left, you should start thinking about a lease extension. If lease term falls under eighty years, you will then be required to pay half of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Ickenham will mostly be legally entitled to a lease extension; however a solicitor will check if you qualify. In some cases you may not be entitled. There are prescribed timetables and formalities to follow once the process has commenced so it’s wise to be guided by a lawyer during the process.

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

Leasehold premises in Ickenham with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not issue a mortgage on a short lease

Lenders are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. As a number of flats in Ickenham were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Ickenham lease extensions?

Using our service gives you better control over the value of your Ickenham leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Ickenham Lease Extension Example Cases:

Rhiannon, Ickenham, West London,

After unsuccessful discussions with the freeholder of her garden flat in Ickenham, Rhiannon commenced the lease extension process as the eighty year deadline was rapidly coming. The transaction completed in September 2014. The landlord’s fees were negotiated to about 450 pounds.

Ickenham case:

Mr and Mrs. R Williams acquired a studio flat in Ickenham in June 1999. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by 90 years. Comparable flats in Ickenham with an extended lease were worth £205,000. The average amount of ground rent was £50 billed quarterly. The lease termination date was in 2105. Taking into account 79 years as a residual term we approximated the compensation to the freeholder to extend the lease to be within £8,600 and £9,800 plus professional charges.