Why you should start your Turnham Green lease extension

Main reasons to start your Turnham Green lease extension today:

A Turnham Green lease depreciates with the years remaining on the lease.

For anyone whose Turnham Green property is held on a long lease, our message is clear – if no remedial action is taken, your property will eventually revert to the freeholder, leaving you empty-handed. The shorter the lease the lower the value of the property and the more it will cost to extend the lease.

Turnham Green property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Turnham Green with more than 100 years left on the lease are often regarded as a ‘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 service charges justify it.

Lenders will not grant a mortgage on a short lease

Banks and building societies do not lend on short residential leases. You most probably experience difficulties where you wish to sell your flat in Turnham Green if the remaining term of your lease is less than the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but generally theyrequire an unexpired term of at least seventy years.

What makes us experts in Turnham Green lease extensions?

Retaining our service gives you better control over the value of your Turnham Green leasehold, as your property will be more valuable and saleable in terms of lease length should you want to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Turnham Green Lease Extension Case Summaries:

Ibrahim, Turnham Green, West London

During the course of the last few months Ibrahim, came dangerously near to the eighty-year mark with the lease on his purpose- built flat in Turnham Green. Having purchased his property twenty years ago, the length of the lease was of little importance. by good luck, he became aware that he needed to take steps soon on a lease extension. Ibrahim was able to extend his lease just in the nick of time last April. Ibrahim and the landlord who owned the flat above subsequently settled on the final figure of £5,500 . If he had missed the deadline, the amount would have increased by a minimum £1,100.

Turnham Green case:

Dr Lucy Kelly moved into a basement flat in Turnham Green in April 1997. We are asked if we could shed any light on how much (approximately) price could be for a 90 year lease extension. Identical residencies in Turnham Green with 100 year plus lease were in the region of £240,600. The mid-range amount of ground rent was £60 billed quarterly. The lease expired in 2088. Given that there were 62 years as a residual term we approximated the compensation to the freeholder for the lease extension to be between £21,900 and £25,200 exclusive of fees.