Top reasons for North Acton lease extension

Why you should commence your North Acton lease extension today:

Increase your lease and increase your North Acton property value

The closer a domestic lease in North Acton gets to zero years unexpired, the more it reduces the value of the property. Where the lease has, in excess of 125 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than eighty years left 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 as opposed to later. Most flat owners in North Acton will qualify for this right; however a conveyancing solicitor will be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lenders will not grant a mortgage with a short lease

Most mortgage lenders will be unwilling to lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your North Acton property being difficult to dispose of or remortgage.

What makes us experts in North Acton lease extensions?

Retaining our service gives you better control over the value of your North Acton leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

North Acton Lease Extension Example Cases:

Jude, North Acton, West London,

Jude was the the leasehold owner of a conversion flat in North Acton being marketed with a lease of fraction over 72 years unexpired. Jude informally contacted his freeholder 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 a new rent to start with set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jude to invoke his statutory right. Jude obtained expert legal guidance and secured an acceptable deal informally and readily saleable.

North Acton case:

Last Spring we were phoned by Mr and Mrs. G Patel , who purchased a purpose-built flat in North Acton in January 2001. The dilemma was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable flats in North Acton with 100 year plus lease were valued about £295,000. The mid-range amount of ground rent was £45 billed per annum. The lease ran out in 2100. Taking into account 74 years unexpired we estimated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 not including legals.