Top reasons for Shepherd's Bush lease extension

Main reasons to commence your Shepherd's Bush lease extension today:

A Shepherd's Bush lease depreciates with the years remaining on the lease.

It’s a harsh certainty that a Shepherd's Bush 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 reduction being disguised by increases in the Shepherd's Bush property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. If the number of years remaining slips under eighty years, you will end up paying 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Shepherd's Bush will be able to extend under the legislation; however a conveyancer should be able to confirm whether you qualify for an extension. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancer from beginning to end of the formalities.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Shepherd's Bush with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

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

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have at least sixty if not seventy years left once the mortgage has expired. As a number of flats in Shepherd's Bush were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Shepherd's Bush?

Engaging our service gives you increased control over the value of your Shepherd's Bush leasehold, as your property will be more valuable and saleable in respect of lease length should you wish 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.

Shepherd's Bush Lease Extension Case Summaries:

Isabelle, Shepherd's Bush, West London,

In the wake of eight months of lengthy discussions with the landlord of her purpose-built flat in Shepherd's Bush, Isabelle initiated the lease extension process just as the lease was nearing the all-important 80-year threshold. The lease extension was concluded in August 2009. The freeholder’s costs were restricted to a tad over 500 pounds.

Shepherd's Bush case:

Mr and Mrs. P Collins bought a garden flat in Shepherd's Bush in March 1996. The dilemma was if we could approximate the premium could be to prolong the lease by a further 90 years. Identical flats in Shepherd's Bush with an extended lease were worth £280,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease finished in 2096. Given that there were 70 years as a residual term we calculated the premium to the landlord to extend the lease to be between £12,400 and £14,200 plus costs.