Top reasons for Isleworth lease extension

Main reasons to commence your Isleworth lease extension today:

A Isleworth leasehold property depreciates with the years remaining on the lease.

The re-sale value of a leasehold property in Isleworth depends on how long the lease has remaining. If it is close to or less than 80 years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended prior to purchasing. It is preferable to start the process of extending the lease is when a lease still has 82 years unexpired so that formalities can be concluded well before the eighty year cut off point. Leasehold Reform legislation enables Isleworth qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a supplemental term of 90 years. The reason of the valuation is to determine the amount payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to grant a mortgage on a short lease

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

Lease extensions in Isleworth can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Isleworth lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Isleworth Lease Extension Example Cases:

Liam, Isleworth, West London

Last Autumn Liam, started to get close to the 80-year mark with the lease on his garden apartment in Isleworth. In buying his property two decades ago, the lease term was of little relevance. As luck would have it, he realised he needed to take steps soon on a lease extension. Liam was able to extend his lease at the eleventh hour in May. Liam and the landlord in the end settled on an amount of £6,000 . If the lease had descended lower than 80 years, the premium would have increased by at least £1,100.

Isleworth case:

In 2014 we were e-mailed by Mr V King who, having took over the lease of a garden flat in Isleworth in May 2008. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by a further 90 years. Comparable homes in Isleworth with an extended lease were worth £198,800. The average amount of ground rent was £55 billed annually. The lease finished on 10 February 2081. Having 55 years as a residual term we approximated the compensation to the freeholder for the lease extension to be within £33,300 and £38,400 exclusive of fees.