Top reasons for West Acton lease extension

Main reasons to commence your West Acton lease extension today:

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

On the balance of probabilities if you own a flat in West Acton you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of 100 years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

Lenders do not lend on short residential leases. You are likely to encounter problems where you need to sell your flat in West Acton if the remaining term of your lease is less than the criteria set by the majority of lenders. Different mortgage companies have varying requirements but generally theyrequire an unexpired term of at least seventy years.

Get in touch with one of our West Acton lease extension solicitors or enfranchisement solicitors

Lease extensions in West Acton can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor 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.

West Acton Lease Extension Case Studies:

Jack, West Acton, West London

Half a year ago Jack, started to get close to the eighty-year threshold with the lease on his basement flat in West Acton. In buying his flat 19 years ago, the unexpired term was of no interest. Luckily, he noticed he would soon be paying an escalated premium for Extending the lease. Jack extended the lease at the eleventh hour last June. Jack and the freeholder via the management company eventually settled on sum of £5,000 . If the lease had slipped below eighty years, the figure would have gone up by a minimum £900.

West Acton case:

Mr L Wood bought a studio apartment in West Acton in June 2010. The dilemma was if we could approximate the premium could be to extend the lease by an additional years. Similar homes in West Acton with an extended lease were valued about £205,000. The average amount of ground rent was £50 billed annually. The lease lapsed on 18 September 2105. Given that there were 79 years as a residual term we calculated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.

West Acton case:

Last month we were e-mailed by Mrs U Torres , who owned a one bedroom flat in West Acton in August 2007. We are asked if we could estimate the compensation to the landlord could be to extend the lease by a further 90 years. Identical flats in West Acton with 100 year plus lease were valued around £275,000. The average ground rent payable was £65 invoiced every twelve months. The lease lapsed in 2094. Taking into account 68 years outstanding we estimated the premium to the landlord for the lease extension to be within £12,400 and £14,200 exclusive of legals.