Main reasons to start your Ladbroke Grove lease extension

Top reasons for lease extension now:

Increase your lease and increase your Ladbroke Grove property value

Unfortunately that a Ladbroke Grove residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Ladbroke Grove property prices.Once your lease gets to 85ish years, you should start thinking about 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 falls lower than 80 years - otherwise a higher premium will be payable. Most leasehold owners in Ladbroke Grove will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some situations you may not qualify. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders will not issue a mortgage on a short lease

Almost all banks and building societies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A buyer will undoubtedly find it difficult to obtain a mortgage and this will result in your Ladbroke Grove property becoming difficult to sell or to obtain finance on.

What makes us experts in Ladbroke Grove lease extensions?

The lawyers that we work with handle Ladbroke Grove 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 conveyancer we work with provide it.

Ladbroke Grove Lease Extension Example Cases:

Jonathan, Ladbroke Grove, West London,

Jonathan owned a high value flat in Ladbroke Grove being marketed with a lease of a little over sixty years unexpired. Jonathan on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to an increased rent to £125 per annum. Ordinarily, ground rent would not be due on a lease extension were Jonathan to invoke his statutory right. Jonathan procured expert legal guidance and secured satisfactory deal without resorting to tribunal and readily saleable.

Ladbroke Grove case:

Last Winter we were contacted by Mrs Y David , who bought a one bedroom apartment in Ladbroke Grove in January 1998. We are asked if we could shed any light on how much (roughly) price could be for a ninety year extension to my lease. Identical premises in Ladbroke Grove with a long lease were in the region of £275,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease terminated in 2103. Considering the 77 years as a residual term we calculated the premium to the freeholder for the lease extension to be between £13,300 and £15,400 plus expenses.