When it comes to residential leasehold premises in West Acton, you are in fact renting it for a certain amount of time. Modern flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a long period of time, you should think about extending the lease sooner as opposed to later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly once there are fewer than 80 years left. Anyone in West Acton with a lease nearing 81 years remaining should seriously consider extending it sooner than later. Once the lease term has below eighty years outstanding, under the current Act the freeholder can calculate and demand a larger premium, assessed on a technical calculation, known as “marriage value” which is due.
Leasehold properties in West Acton with over one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges merit it.
| Lender | Requirement |
|---|---|
| Coventry Building Society | |
| Halifax | |
| Leeds Building Society | |
| The Mortgage Works | |
| Virgin |
Engaging our service gives you increased control over the value of your West Acton leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.
Nathaniel owned a high value flat in West Acton being marketed with a lease of just over fifty eight years outstanding. Nathaniel informally contacted his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to extend the lease to 125 years subject to a new rent at the outset set at £100 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Nathaniel to exercise his statutory right. Nathaniel obtained expert advice and was able to make an informed decision and handle with the matter and sell the flat.
Mr and Mrs. B Roberts completed a studio flat in West Acton in February 2000. We are asked if we could approximate the price would likely be to extend the lease by 90 years. Comparable residencies in West Acton with a long lease were valued about £181,600. The average amount of ground rent was £55 collected annually. The lease finished on 15 April 2078. Given that there were 52 years remaining we approximated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus legals.
Last October we were contacted by Mrs E Dupont , who bought a first floor apartment in West Acton in August 2012. We are asked if we could approximate the price would likely be for a 90 year extension to my lease. Comparable flats in West Acton with an extended lease were in the region of £290,000. The average amount of ground rent was £45 invoiced per annum. The lease came to a finish in 2098. Taking into account 72 years as a residual term we calculated the compensation to the landlord for the lease extension to be between £11,400 and £13,200 not including legals.