Top reasons for North Acton lease extension

Main reasons to start your North Acton lease extension today:

A North Acton leasehold property depreciates with the years remaining on the lease.

North Acton leases on domestic deteriorating in value. Where your lease has about 90 years left, you should start thinking about a lease extension. If lease term falls under 80 years, you will then have to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in North Acton will usually qualify for a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not be entitled. There are also strict timetables and steps to comply with once the process is initiated so it’s wise to be guided by a conveyancer during the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in North Acton with over one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lending institutions may not loan monies on a short lease

Lenders are tightening their criteria and a meaningful number now require flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Given that many flats in North Acton were created in the fifties, sixties and seventies this means many now need to be extended if they wish to obtain a mortgage.

Get in touch with one of our North Acton lease extension solicitors or enfranchisement solicitors

Engaging our service gives you enhanced 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 want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

North Acton Lease Extension Example Cases:

Noah, North Acton, West London

Last October Noah, started to get close to the 80-year mark with the lease on his two bedroom apartment in North Acton. Having purchased his home two decades ago, the length of the lease was of no concern. Thankfully, he became aware that he needed to take action soon on Extending the lease. Noah was able to extend his lease at the eleventh hour in April. Noah and the freeholder in the end settled on an amount of £6,000 . If the lease had slipped to less than eighty years, the amount would have become more exhorbitant by a minimum £950.

North Acton case:

Last Winter we were called by Mr and Mrs. H Hill , who owned a one bedroom apartment in North Acton in April 2005. We are asked if we could estimate the premium would be to extend the lease by a further 90 years. Similar flats in North Acton with a long lease were worth £235,600. The mid-range ground rent payable was £60 billed annually. The lease finished on 13 September 2088. Having 62 years outstanding we calculated the compensation to the freeholder to extend the lease to be within £21,900 and £25,200 exclusive of legals.