Main reasons to start your West London lease extension

Top reasons for lease extension now:

Increase your lease and increase your West London property value

West London leases on domestic deteriorating in value. if your lease has in the region of 90 years unexpired, you should start thinking about a lease extension. If lease term falls under 80 years, you will then be required to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in West London will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In some situations you may not be entitled. There are prescribed timetables and procedures to follow once the process has commenced so it’s prudent to be guided by a lawyer during the process.

An extended lease is almost the same value as a freehold

Leasehold premises in West London with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies will not lend with a short lease

Nearly all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone intending to purchase your property in the future might well do, so if they are unable to get a mortgage, then the value of your property could suffer. Since 2008 many mortgage lenders have increased the required minimum lease length that they are prepared to accept

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

Irrespective of whether you are a tenant or a freeholder in West London,the lease extension experts that we work with will always be prepared 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 Example Cases:

Teddy, West London, London,

Teddy was the the leasehold proprietor of a 2 bedroom flat in West London being sold with a lease of fraction over sixty years remaining. Teddy on an informal basis approached his freeholder being a well known Bristol-based freehold company for a lease extension. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Teddy to invoke his statutory right. Teddy procured expert legal guidance and was able to make a more informed decision and handle with the matter and readily saleable.

West London case:

In 2014 we were phoned by Dr Jackson Patel who, having was assigned a lease of a recently refurbished apartment in West London in February 2004. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable properties in West London with an extended lease were worth £260,000. The mid-range amount of ground rent was £50 collected yearly. The lease ended in 2098. Having 72 years unexpired we estimated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus costs.