Top reasons for Turnham Green lease extension

Why you should commence your Turnham Green lease extension today:

Increase your lease and increase your Turnham Green property value

As the the remaining lease term of a Turnham Green residential lease diminished so does its value and therefore the value of your property. If the lease has, beyond 99 years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should consider extending sooner than later. Most flat owners in Turnham Green will qualify for this right; that being said a lawyer will be able to advise if you are eligible for a lease extension. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

An extended lease has roughly the same value as a freehold

Leasehold premises in Turnham Green with in excess of one hundred 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 circumstances there is often little upside in buying the freehold unless savings on ground rent and service charges merit it.

Lenders will not lend on a short lease

The trend since the credit crunch has been for banks to tighten lending requirements across the board - this has extended to the types of security over which the mortgage is to be granted. This has resulted in the minimum number of years remaining under the lease required by lenders has increased. Historically mortgage companies would grant a mortgage on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

What makes us experts in Turnham Green lease extensions?

Engaging our service gives you better control over the value of your Turnham Green leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Turnham Green Lease Extension Case Summaries:

Harvey, Turnham Green, West London

In recent months Harvey, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Turnham Green. Having purchased his home 18 years ago, the length of the lease was of minimal concern. As luck would have it, he recognised he would imminently be paying way over the odds for Extending the lease. Harvey arranged for a lease extension just in the nick of time in April. Harvey and the freeholder via the management company eventually settled on the final figure of £5,000 . If the lease had dipped to less than 80 years, the amount would have increased by at least £1,125.

Turnham Green case:

Mrs N David completed a newly refurbished flat in Turnham Green in May 1996. We are asked if we could estimate the premium would be for a ninety year lease extension. Similar flats in Turnham Green with a long lease were worth £216,000. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease termination date was on 23 October 2084. Taking into account 58 years outstanding we approximated the compensation to the landlord to extend the lease to be within £28,500 and £33,000 not including costs.