Main reasons to start your West London lease extension

Main reasons to commence your West London lease extension today:

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

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

An extended lease has roughly the same value as a freehold

Leasehold residencies in West London with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lending institutions may decide not to issue a mortgage on a short lease

Banks and building societies will not grant a mortgage on short residential leases. You most probably encounter problems where you want to sell your flat in West London if the unexpired term of your lease is below the criteria set by the majority of mortgage companies. Different mortgage companies have varying criteria but on the whole theyrequire an unexpired term of at least 65 years.

Why use us for your lease extension in West London?

Regardless of whether you are a tenant or a landlord in West London,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with West London valuers.

West London Lease Extension Case Studies:

Isabel, West London, London,

Following protracted discussions with the freeholder of her one bedroom flat in West London, Isabel commenced the lease extension process just as her lease was coming close to the all-important eighty-year mark. The transaction completed in July 2012. The freeholder’s costs were restricted to less than 550 GBP.

West London case:

In 2010 we were approached by Ms O Bailey who, having moved into a first floor apartment in West London in February 2004. We are asked if we could estimate the compensation to the landlord would be for a ninety year extension to my lease. Comparative premises in West London with an extended lease were valued around £220,400. The average amount of ground rent was £45 collected monthly. The lease came to a finish on 24 November 2090. Considering the 64 years unexpired we estimated the compensation to the freeholder to extend the lease to be within £15,200 and £17,600 not including fees.