Top reasons for West London lease extension

Main reasons to commence your West London lease extension today:

Increase your lease and increase your West London property value

Owning a flat usually means owning a lease of the property, which has a set term of years. your lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have witnessed longer and shorter terms in West London. Clearly, the period of lease left reduces over time. This is often overlooked and only raises itself as an issue when the residence has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in West London have the right to extend the lease for an additional ninety years under statute. You should give due attention before putting off your West London lease extension. Putting off the cost now only increases the price you will eventually have to pay to extend your lease

An extended lease is almost the same value as a freehold

Leasehold properties in West London with in excess of one hundred years left on the lease are often 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 to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lending institutions will not lend with a short lease

Lenders are really clamping down as regards to homes in West London with short leases. For instance you might discover that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your only options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

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 lawyers 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 Case Summaries:

Naomi, West London, London,

Off the back of lengthy discussions with the freeholder of her two bedroom apartment in West London, Naomi initiated the lease extension process as the 80 year mark was quickly approaching. The legal work completed in March 2014. The freeholder’s fees were negotiated to a tad over 500 pounds.

West London case:

Dr C Girard purchased a garden flat in West London in September 2003. The question was if we could estimate the price could be for a 90 year lease extension. Comparable premises in West London with a long lease were in the region of £200,800. The average amount of ground rent was £65 invoiced yearly. The lease elapsed in 2086. Considering the 60 years remaining we approximated the premium to the freeholder to extend the lease to be between £20,900 and £24,200 not including legals.