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.

On the balance of probabilities where you own a flat in Shepherd's Bush you actually own a long leasehold interest over your property

Shepherd's Bush property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to lend on a short lease

Banks and building societies are really clamping down as regards to homes in Shepherd's Bush with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus limiting the amount of potential purchasers.

Get in touch with one of our Shepherd's Bush lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure Shepherd's Bush lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Shepherd's Bush Lease Extension Case Studies:

Liam, Shepherd's Bush, West London,

Liam was the the leasehold owner of a high value apartment in Shepherd's Bush on the market with a lease of just over sixty years remaining. Liam on an informal basis approached his landlord a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent at the outset set at £200 per annum and doubled every 25 years thereafter. No ground rent would be due on a lease extension were Liam to invoke his statutory right. Liam obtained expert advice and secured satisfactory resolution without going to tribunal and sell the flat.

Shepherd's Bush case:

Ms Emma Johnson took over the lease of a one bedroom flat in Shepherd's Bush in August 2002. The question was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparative flats in Shepherd's Bush with a long lease were worth £295,000. The average ground rent payable was £45 collected yearly. The lease elapsed in 2100. Taking into account 74 years left we calculated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.