Main reasons to start your Shepherd's Bush lease extension

Why you should start your Shepherd's Bush lease extension today:

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

Owning a flat usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Shepherd's Bush. Inevitably, the term of lease remaining shortens over time. This may pass by relatively unnoticed when the property needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Shepherd's Bush have the right to extend the lease for a further ninety years in accordance with statute. Please give due attention before putting off your Shepherd's Bush lease extension. Holding off that expense now simply increases the price you will eventually have to pay for a lease extension

Shepherd's Bush property with a lease extension has roughly the same value as a freehold

Leasehold premises in Shepherd's Bush with in excess of one hundred years unexpired 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 home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Lenders may not grant a mortgage on a short lease

Banks and building societies are making their criteria more stringent and many now expect flats to have at least 60 if not 70 years remaining once the mortgage has expired. As plenty of flats in Shepherd's Bush were created in the 1950s, 1960s and 1970s this means many now need to be extended if they wish to get a mortgage.

What makes us experts in Shepherd's Bush lease extensions?

Using our service gives you increased control over the value of your Shepherd's Bush leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Shepherd's Bush Lease Extension Case Studies:

Amber, Shepherd's Bush, West London,

Following protracted negotiations with the landlord of her basement apartment in Shepherd's Bush, Amber started the lease extension process just as the lease was coming close to the crucial eighty-year threshold. The transaction was finalised in June 2011. The landlord’s costs were negotiated to approximately 450 GBP.

Shepherd's Bush case:

In 2011 we were called by Mrs D Khan who, having purchased a garden apartment in Shepherd's Bush in July 2005. The question was if we could estimate the premium could be to prolong the lease by 90 years. Comparative properties in Shepherd's Bush with 100 year plus lease were worth £174,200. The mid-range ground rent payable was £55 invoiced yearly. The lease lapsed on 7 June 2077. Given that there were 51 years unexpired we approximated the premium to the landlord to extend the lease to be within £31,400 and £36,200 not including fees.