Why you should commence your South Acton lease extension

Why you should start your South Acton lease extension today:

Increase your lease and increase your South Acton property value

South Acton leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. The majority of owners of residential leasehold property in South Acton enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in South Acton you must check if your lease has between 70 and 90 years remaining. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you will incur is what is known as a marriage value

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years in the future.

Banks and Building Societies may decide not to loan monies on a short lease

What makes us experts in South Acton lease extensions?

The conveyancers 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 Example Cases:

Nathaniel, South Acton, West London

Half a year ago Nathaniel, came precariously near to the 80-year mark with the lease on his purpose- built apartment in South Acton. Having purchased his home two decades ago, the length of the lease was of minimal concern. Fortunately, he realised he needed to take steps soon on a lease extension. Nathaniel extended the lease just under the wire in August. Nathaniel and the landlord who owned the flat above eventually agreed on the final figure of £6,000 . If the lease had gone to less than 80 years, the figure would have escalated by at least £1,075.

South Acton case:

Last Summer we were e-mailed by Dr J Campbell , who took over the lease of a newly refurbished flat in South Acton in June 2008. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Similar homes in South Acton with a long lease were worth £218,000. The mid-range amount of ground rent was £45 collected monthly. The lease ran out on 4 November 2089. Considering the 63 years outstanding we estimated the premium to the freeholder for the lease extension to be between £17,100 and £19,800 exclusive of fees.