West Acton leases on domestic properties are gradually losing value. Where your lease has about ninety years remaining, you should start thinking about a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you begin paying an additional element called marriage value. Leasehold owners in West Acton will mostly qualify for a lease extension; however a solicitor will confirm if you qualify. In certain circumstances you may not be entitled. There are prescribed deadlines and steps to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.
It is generally considered that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety 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.
| Lender | Requirement |
|---|---|
| Accord Mortgages | |
| Barnsley Building Society | |
| Chelsea Building Society | |
| Nationwide Building Society | |
| Skipton Building Society |
Engaging our service gives you enhanced control over the value of your West Acton leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.
David was the the leasehold owner of a 2 bedroom apartment in West Acton being sold with a lease of just over 61 years outstanding. David on an informal basis approached his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £100 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were David to invoke his statutory right. David procured expert advice and secured satisfactory resolution informally and readily saleable.
Last Autumn we were phoned by Ms Danielle Brown , who purchased a one bedroom flat in West Acton in September 1999. We are asked if we could shed any light on how much (roughly) premium would be to prolong the lease by a further 90 years. Comparable homes in West Acton with a long lease were valued about £285,000. The mid-range ground rent payable was £45 billed yearly. The lease concluded in 2097. Taking into account 71 years left we calculated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus legals.
Last Summer we were e-mailed by Mr and Mrs. T Green , who purchased a recently refurbished apartment in West Acton in May 1996. The question was if we could shed any light on how much (roughly) premium could be for a 90 year extension to my lease. Similar flats in West Acton with 100 year plus lease were worth £225,800. The average amount of ground rent was £60 collected every twelve months. The lease lapsed in 2086. Having 60 years as a residual term we calculated the premium to the landlord to extend the lease to be between £24,700 and £28,600 not including costs.