Stop! Your Lease Extension in South Acton Could Be FREE

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Many leaseholders in South Acton are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in South Acton has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Top reasons for South Acton lease extension

Top reasons for lease extension now:

Increase your lease and increase your South Acton property value

South Acton leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in South Acton enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in South Acton you would be well advised to investigate if your lease has between 70 and ninety years left. There are good reasons why a South Acton leaseholder with a lease having around eighty years remaining should take steps to make sure that a lease extension is actioned without delay

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the premises will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies will not issue a mortgage on a short lease

Banks and Building Societies have specific criteria when loaning funds charged on leasehold property. Some will simply refrain from lending at all once an unexpired lease term slips beneath a specified unexpired lease term. Many Banks and Building Societies will not consider property with a remaining term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your South Acton property.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

Get in touch with one of our South Acton lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure South Acton 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 conveyancing solicitor we work with provide it.

South Acton Lease Extension Case Studies:

Leah, South Acton, West London,

Off the back of protracted correspondence with the landlord of her purpose-built flat in South Acton, Leah initiated the lease extension process just as the lease was coming close to the all-important eighty-year mark. The transaction was concluded in March 2009. The freeholder’s fees were kept to an absolute minimum.

South Acton case:

In 2013 we were e-mailed by Dr Sarah Lefebvre who, having took over the lease of a basement flat in South Acton in April 1999. We are asked if we could estimate the compensation to the landlord could be to prolong the lease by a further 90 years. Similar homes in South Acton with 100 year plus lease were in the region of £254,200. The mid-range ground rent payable was £60 invoiced per annum. The lease concluded in 2077. Taking into account 51 years as a residual term we estimated the premium to the landlord for the lease extension to be within £43,700 and £50,600 plus fees.

Decision in Ealing

An example of a Freehold Enfranchisement case for a South Acton flat is 169 Southfield Road in September 2013. the tribunal decided that the premium to be paid in respect of the collective enfranchisement should be £51,203 This case affected 2 flats. The unexpired lease term was 64.64 years.