Main reasons to start your West London lease extension

Main reasons to commence your West London lease extension today:

Increase your lease and increase your West London property value

When it comes to long leasehold property in West London, you effectively rent it for a certain period 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 may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater particularly when there are fewer than eighty years remaining. Leasehold owners in West London with a lease nearing 81 years remaining should seriously consider extending it sooner as opposed to later. When the lease term has below eighty years left, under the relevant statute the landlord is entitled to calculate and charge a larger premium, based on a technical calculation, known as “marriage value” which is due.

West London property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions will not lend with a short lease

Banks and Building Societies have set criteria when lending funds charged on leasehold homes. Many will simply refrain from lending at all once an unexpired lease term drops below a specified unexpired lease term. Many Banks and Building Societies will not regard property with a remaining term of less than seventy years as adequate security. As well as this being important when selling, it is also relevant if you are wanting to refinance your West London property.

Why use us for your lease extension in West London?

Using our service will provide you increased control over the value of your West London leasehold, as your property will be more valuable and saleable in relation to the lease length should you wish to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

West London Lease Extension Example Cases:

Jason, West London, London,

Jason was the the leasehold owner of a high value apartment in West London being sold with a lease of a little over 59 years left. Jason on an informal basis spoke with his landlord being 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 £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Jason to exercise his statutory right. Jason obtained expert legal guidance and was able to make a more informed judgement and deal with the matter and ending up with a market value flat.

West London case:

In 2009 we were phoned by Mr and Mrs. R Leroy who, having moved into a garden flat in West London in January 2009. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by an additional years. Comparable residencies in West London with a long lease were valued about £256,600. The average ground rent payable was £60 billed quarterly. The lease lapsed in 2078. Having 52 years remaining we calculated the compensation to the landlord for the lease extension to be within £41,800 and £48,400 not including legals.