Top reasons for West London lease extension

Why you should commence your West London lease extension today:

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

Chances are that where you own a flat in West London you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may decide not to issue a mortgage with a short lease

The trend since over the last decade has been for lenders to tighten lending requirements generally - this has extended to the types of security over which the home loan is to be charged. This has resulted in the minimum number of years remaining under the lease required by banks has increased. In the past banks would lend on a lease with 25 years plus the term of the loan - routinely 50 year leases but those requirements evolved by the requirement for longer and longer leases - many use a minimum term of 75 years as standard.

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

Regardless of whether you are a tenant or a freeholder in West London,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with West London valuers.

West London Lease Extension Example Cases:

Archie, West London, London

Last October Archie, started to get close to the eighty-year threshold with the lease on his first floor flat in West London. In buying his flat 19 years previously, the lease term was of no concern. by good luck, he recognised he needed to take steps soon on a lease extension. Archie arranged for a lease extension just under the wire last September. Archie and the freeholder in the end settled on an amount of £6,000 . If the lease had slipped lower than eighty years, the amount would have become more exhorbitant by a minimum £1,050.

West London case:

Last Winter we were called by Mr and Mrs. K Gray , who bought a first floor apartment in West London in November 2008. The question was if we could estimate the price could be for a 90 year extension to my lease. Comparable homes in West London with an extended lease were in the region of £176,200. The average amount of ground rent was £65 billed annually. The lease lapsed in 2082. Given that there were 56 years remaining we approximated the compensation to the landlord for the lease extension to be between £29,500 and £34,000 plus fees.