Main reasons to start your Yiewsley lease extension

Main reasons to start your Yiewsley lease extension today:

Increase your lease and increase your Yiewsley property value

Yiewsley leases on residential deteriorating in value. if your lease has about 90 years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Yiewsley will mostly be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In certain cases you may not qualify. There are prescribed deadlines and procedures to comply with once the process is initiated so it’s sensible to be guided by a lawyer during the process.

Yiewsley property with a lease extension has roughly the same value as a freehold

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

Lenders may not lend on a short lease

Whether or not the lease is be regarded as a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic once you come to sell or remortgage your property as it will be practically unmortgageable. Even though you might not have an imminent desire to sell but when you do your purchaser will need to hold off for two years before being able to start the legal procedures for a lease extension.

Why use us for your lease extension in Yiewsley?

Lease extensions in Yiewsley can be a difficult process. We recommend you procure guidance from a conveyancing solicitor and surveyor with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge procuring Yiewsley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Yiewsley Lease Extension Case Summaries:

Luke, Yiewsley, West London,

Luke owned a conversion flat in Yiewsley being marketed with a lease of a little over 59 years outstanding. Luke informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. Ordinarily, ground rent would not be due on a lease extension were Luke to invoke his statutory right. Luke procured expert legal guidance and secured an acceptable resolution informally and readily saleable.

Yiewsley case:

Last Summer we were approach by Dr Hugo Watson , who bought a studio apartment in Yiewsley in January 2011. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Comparative flats in Yiewsley with 100 year plus lease were valued about £245,000. The mid-range ground rent payable was £50 billed per annum. The lease ended in 2094. Considering the 68 years unexpired we estimated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 not including professional charges.