Why you should start your Shepherd's Bush lease extension

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

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

The value of Shepherd's Bush leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of a lease extension can increase materialy once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Shepherd's Bush with in excess of one hundred years left 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 circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

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

Mortgage companies are inclined not lend on short residential leases. You most probably encounter problems where you want to sell your flat in Shepherd's Bush if the unexpired lease term is less than the criteria set by most lenders. Different lenders have varying criteria but on the whole theyrequire a minimum remaining lease term of seventy years.

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

Regardless of whether you are a tenant or a freeholder in Shepherd's Bush,the lease extension experts that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Shepherd's Bush valuers.

Shepherd's Bush Lease Extension Example Cases:

Archie, Shepherd's Bush, West London

Last October Archie, came very near to the 80-year threshold with the lease on his garden flat in Shepherd's Bush. In buying his home twenty years ago, the length of the lease was of no relevance. by good luck, he became aware that he needed to take steps soon on Extending the lease. Archie was able to extend his lease just under the wire last August. Archie and the landlord ultimately agreed on sum of £5,000 . If he not met the deadline, the price would have escalated by a minimum £925.

Shepherd's Bush case:

In 2009 we were approached by Dr O King who, having took over the lease of a basement apartment in Shepherd's Bush in February 2001. We are asked if we could estimate the price would likely be to extend the lease by an additional years. Identical properties in Shepherd's Bush with an extended lease were in the region of £198,800. The average ground rent payable was £55 collected quarterly. The lease elapsed on 14 November 2081. Considering the 55 years outstanding we estimated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 plus legals.