Why you should commence your Ladbroke Grove lease extension

Main reasons to commence your Ladbroke Grove lease extension today:

Increase your lease and increase your Ladbroke Grove property value

It’s an underpublicised certainty that a Ladbroke Grove residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Ladbroke Grove property market.Where your lease has approximately ninety years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease slips lower than eighty years - otherwise a higher premium will be payable. The majority of flat owners in Ladbroke Grove will be able to extend under the legislation; however a conveyancer will be able to clarify if you qualify for an extension. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is initiated and you will need to be guided by your lawyer from beginning to end of the formalities.

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

It is generally considered that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Banks and Building Societies may not finance a property with a short lease

Many mortgage lenders will be unwilling to lend on a lease with under 70 years left to run - although this varies from lender to lender. A purchaser will likely encounter difficulties to obtain a mortgage and this could result in your Ladbroke Grove property becoming difficult to sell or to obtain finance on.

What makes us experts in Ladbroke Grove lease extensions?

Lease extensions in Ladbroke Grove can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.

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 Ladbroke Grove lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ladbroke Grove Lease Extension Case Summaries:

Jude, Ladbroke Grove, West London

In recent months Jude, started to get near to the eighty-year mark with the lease on his basement flat in Ladbroke Grove. Having bought his flat 19 years previously, the lease term was of little bearing. by good luck, it dawned on him that he would imminently be paying way over the odds for Extending the lease. Jude arranged for a lease extension just in the nick of time last January. Jude and the freeholder in the end agreed on sum of £5,000 . If the lease had dipped below eighty years, the figure would have gone up by a minimum £1,000.

Ladbroke Grove case:

Last March we were called by Mr U Bennett , who took over the lease of a one bedroom flat in Ladbroke Grove in March 2007. The dilemma was if we could estimate the price would likely be for a 90 year lease extension. Comparative premises in Ladbroke Grove with a long lease were in the region of £183,600. The average ground rent payable was £65 invoiced per annum. The lease termination date was on 26 November 2083. Having 57 years left we approximated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 exclusive of expenses.