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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in North Acton. Inevitably, the term of lease remaining shortens as time goes by. This is often ignored and only becomes a problem when the residence needs to be sold or re-mortgaged. The fewer the years remaining the less it is worth and the more expensive it will be to obtain a lease extension. Eligible leaseholders in North Acton have the right to extend the lease for a further 90 years in accordance with the 1993 Leasehold Reform Act. Do give careful consideration before delaying your North Acton lease extension. Putting off the cost now likely increases the price you will ultimately incur for a lease extension

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 35 years remaining, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may not finance a property with a short lease

Nearly all banks and building societies will be unwilling to grant a mortgage on a lease with less than 70 years remaining - although this varies from lender to lender. A purchaser will undoubtedly encounter difficulties in obtaining a mortgage and this could result in your North Acton property being difficult to dispose of or remortgage.

Why use us for your lease extension in North Acton?

Using our service gives you enhanced control over the value of your North Acton leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

North Acton Lease Extension Case Studies:

Stanley, North Acton, West London,

Stanley was the the leasehold owner of a 2 bedroom flat in North Acton being sold with a lease of a little over 72 years remaining. Stanley informally contacted his landlord being a well known local-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to an increased rent to £50 yearly. Ordinarily, ground rent would not be payable on a lease extension were Stanley to exercise his statutory right. Stanley obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and sell the property.

North Acton case:

Mr and Mrs. H Dupont moved into a first floor apartment in North Acton in November 2004. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by ninety years. Identical properties in North Acton with 100 year plus lease were worth £280,000. The mid-range ground rent payable was £45 invoiced quarterly. The lease ended on 6 September 2096. Having 70 years outstanding we estimated the premium to the landlord to extend the lease to be between £12,400 and £14,200 exclusive of costs.