Stop! Your Lease Extension in West London Could Be FREE

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Many leaseholders in West London are unaware that their original lawyer had a duty to warn them about future mortgageability and saleability issues. Before you pay thousands to your freeholder, let us audit your purchase history. You might have a claim that pays for your lease extension in full

If you are facing a significant premium because your lease in West London has dropped toward the 80-year mark, your previous lawyer may be at fault. Our panel of experts specialise in recovering lease extension costs from negligent firms who failed to protect your investment.

Why you should commence your West London lease extension

Main reasons to start your West London lease extension today:

Increase your lease and increase your West London property value

The value of West London leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can increase significantly once the unexpired lease term is below than eighty years

An extended lease has roughly the same value as a freehold

Leasehold properties in West London with in excess of 100 years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions may not lend on a short lease

Banks and building societies vary in their lending requirements. Some draw the line at seventy five years left on the lease; others may be content with anything with more than seventy years. With less than sixty years, it may be challenging to get a mortgage at all.

Lender Requirement
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Halifax Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
TSB Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption.

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

Using our service gives 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 want 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:

Alexandra, West London, London,

Subsequent to protracted discussions with the freeholder of her first floor apartment in West London, Alexandra initiated the lease extension process as the 80 year mark was quickly coming. The transaction was finalised in August 2010. The landlord’s costs were restricted to under 500 GBP.

West London case:

Last year we were approach by Dr D Thompson , who took over the lease of a studio apartment in West London in June 2009. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a 90 year lease extension. Comparative premises in West London with a long lease were worth £237,600. The mid-range ground rent payable was £45 billed yearly. The lease elapsed on 6 September 2093. Having 67 years unexpired we calculated the premium to the freeholder to extend the lease to be within £11,400 and £13,200 exclusive of expenses.

Decision in Hackney

An example of a Lease Extension case for a West London flat is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired term was 72.39 years.