If you are facing a significant premium because your lease in Isleworth has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Main reasons to start your Isleworth lease extension

Top reasons for lease extension now:

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

There is no doubt about it a leasehold property in Isleworth is a wasting asset as a result of the shortening lease. If the residual term has, more than 99 years to run then this decrease may be of little impact however there will become a stage when a lease has under than 80 years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease sooner than later. Most flat owners in Isleworth will meet the qualifying criteria; that being said a conveyancer can advise if you are eligible for a lease extension. In certain situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the property will be worth the same as a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become jittery at around 75 years. This will cause difficulties once you need to sell or remortgage your property as it will be effectively unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer must hold off for a couple of years before they can exercise the right to a a lease extension.

Lender	Requirement
Bank of Scotland	Minimum 70 years from the date of the mortgage.
Barnsley Building Society	60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Coventry Building Society	A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society	85 years remaining from the start of the mortgage.
Santander	If the property is leasehold, the remaining unexpired lease term at the end of the new mortgage term must be at least 50 years where any part of the mortgage is on Interest Only and 30 years if all loan parts are on Capital Repayment and Interest. You must report the unexpired lease term to us and await our instructions if: 1. the unexpired term assumed by our valuer is between 55 and 82 years, but the actual unexpired term differs by more than one year (whether longer or shorter); or 2. the unexpired term assumed by our valuer is more than 82 years but the actual unexpired term is less than 82 years; or 3. no valuation report is provided. We will accept a lease that has been extended under the provisions of the Leasehold Reform Act 1993 provided statutory compensation would be available to the leaseholder.

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 secure guidance from a lawyer and valuer 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 dealing with 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 Case Studies:

Henry, Isleworth, West London

In 2014 Henry, started to get close to the eighty-year threshold with the lease on his basement flat in Isleworth. In buying his property twenty years previously, the unexpired term was of little significance. Luckily, he recognised he would imminently be paying way over the odds for Extending the lease. Henry extended the lease just under the wire in July. Henry and the freeholder eventually agreed on the final figure of £5,000 . If the lease had dipped below 80 years, the price would have increased by at least £975.

Isleworth case:

Mrs I Lewis purchased a one bedroom flat in Isleworth in July 2000. The dilemma was if we could approximate the premium would likely be to extend the lease by a further 90 years. Comparative properties in Isleworth with 100 year plus lease were in the region of £206,200. The average ground rent payable was £60 collected quarterly. The lease terminated in 2082. Considering the 56 years unexpired we estimated the premium to the freeholder for the lease extension to be within £31,400 and £36,200 plus professional charges.

Decision in Hounslow

An example of a Lease Extension decision for a Isleworth premises is Ground Floor Flat 91 Bath Road in May 2009. in a case where the freeholder could not be traced, the Brentford County Court ordered that the Lease be surrendered in return for the grant of a new lease of the Premises at a premium determined by the Leasehold Valuation Tribunal. The tribunal concluded that the price payable by the Applicant for the new lease of the premises be £15,900 This case affected 1 flat. The unexpired residue of the current lease was 60.45 years.

Stop! Your Lease Extension in Isleworth Could Be FREE