Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a prescribed period of time , usually 99 or 125 years, although we have come across longer and shorter terms in West Acton. Clearly, the term of lease remaining shortens as time goes by. This may pass by relatively unnoticed when the property needs to be sold or refinanced. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension. Qualifying long lease owners in West Acton have the legal entitlement to extend the lease for a further ninety years under statute. Do give careful consideration before putting off your West Acton lease extension. Putting off that expense now likely increases the price you will eventually incur for a lease extension
Leasehold properties in West Acton with over 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.
| Lender | Requirement |
|---|---|
| Barnsley Building Society | 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term. |
| National Westminster Bank | Mortgage term plus 30 years. |
| 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 |
| Virgin | 85 years at the time of completion. If it's less, we require it to be extended on or before completion. |
| Yorkshire Building Society | 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. |
Lease extensions in West Acton can be a difficult process. We recommend you secure professional help from a conveyancer and valuer with experience in lease extensions.
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 procuring West Acton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Following unsuccessful discussions with the freeholder of her first floor apartment in West Acton, Mia commenced the lease extension process just as her lease was coming close to the all-important eighty-year deadline. The legal work was concluded in June 2012. The freeholder’s fees were kept to an absolute minimum.
In 2012 we were phoned by Dr N Flores who, having moved into a garden flat in West Acton in January 1997. The dilemma was if we could estimate the compensation to the landlord would likely be for a ninety year lease extension. Similar flats in West Acton with an extended lease were in the region of £300,000. The mid-range ground rent payable was £50 billed every twelve months. The lease lapsed on 6 November 2101. Given that there were 76 years outstanding we calculated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of legals.
Ms Rachel Clarke purchased a one bedroom apartment in West Acton in September 2005. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year lease extension. Comparable premises in West Acton with a long lease were in the region of £257,800. The average amount of ground rent was £65 collected annually. The lease came to a finish on 28 June 2090. Considering the 65 years remaining we calculated the premium to the freeholder to extend the lease to be within £18,100 and £20,800 exclusive of fees.