Main reasons to start your South Acton lease extension

Why you should commence your South Acton lease extension today:

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

South Acton leases on domestic deteriorating in value. Where your lease has approximately ninety years left, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease dips below this level then you begin paying an additional element called marriage value. Leasehold owners in South Acton will usually qualify for a lease extension; however It would be wise to check with a conveyancer to confirm your eligibility. In some circumstances you may not qualify. There are prescribed deadlines and procedures to follow once the process is initiated so it’s prudent to be guided by a lawyer during the process.

South Acton property with a lease extension has roughly the same value as a freehold

Leasehold residencies in South Acton with over 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may not lend on a short lease

Almost all banks and building societies will not grant a mortgage on a lease with less than 70 years left to run - although this varies between mortgage companies. A purchaser will no doubt encounter difficulties to obtain a mortgage and this will result in your South Acton property being difficult to sell or to obtain finance on.

Why use us for your lease extension in South Acton?

Lease extensions in South Acton can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in this area.

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 a wealth of experience 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 Case Summaries:

Ryan, South Acton, West London,

Ryan was the the leasehold proprietor of a conversion apartment in South Acton being marketed with a lease of just over 72 years unexpired. Ryan on an informal basis contacted his freeholder being a well known Bristol-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £100 yearly. Ordinarily, ground rent would not be due on a lease extension were Ryan to invoke his statutory right. Ryan obtained expert legal guidance and was able to make an informed decision and deal with the matter and sell the flat.

South Acton case:

Last Summer we were approach by Mr U Martínez , who purchased a one bedroom apartment in South Acton in March 2000. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Identical homes in South Acton with a long lease were valued about £260,000. The mid-range ground rent payable was £50 billed annually. The lease ran out in 2097. Taking into account 71 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 exclusive of fees.