Main reasons to start your South Acton lease extension

Main reasons to start your South Acton lease extension today:

A South Acton lease depreciates with the years remaining on the lease.

The market value of a leasehold property in South Acton depends on how long the lease has left to run. If it is near to or fewer than 80 years you should foresee problems on re-sale, so it is advisable to arrange for a lease extension before buying. It is ideal to start the lease extension process when the lease still has 82 years to run so that formalities can be finalised prior to the eighty year threshold. Leasehold Reform legislation entitles South Acton qualifying lessees to an additional term of ninety years in addition to the existing term, at a notional rent (zero ground rent). The intention of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 30 years unexpired, the property will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to grant a mortgage on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This will be problematic once you need to dispose of or remortgage your flat as it will be effectively unmortgageable. You may have no immediate plan to sell but when you do your purchaser must wait two years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in South Acton?

Lease extensions in South Acton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with South Acton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

South Acton Lease Extension Example Cases:

Gabriel, South Acton, West London,

Gabriel owned a conversion apartment in South Acton on the market with a lease of fraction over sixty years left. Gabriel on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent initially set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Gabriel to invoke his statutory right. Gabriel obtained expert advice and secured satisfactory resolution informally and sell the flat.

South Acton case:

In 2010 we were contacted by Mr Y Hall who, having owned a first floor apartment in South Acton in August 2005. We are asked if we could estimate the price could be for a 90 year lease extension. Identical properties in South Acton with a long lease were valued around £270,000. The mid-range ground rent payable was £55 invoiced every twelve months. The lease ran out on 22 April 2101. Having 75 years as a residual term we estimated the compensation to the freeholder for the lease extension to be between £9,500 and £11,000 plus costs.