Why you should start your Yiewsley lease extension

Main reasons to commence your Yiewsley lease extension today:

A Yiewsley leasehold property depreciates with the years remaining on the lease.

Yiewsley leases on residential properties are gradually losing value. Where your lease has in the region of 90 years unexpired, you should start considering the need for a lease extension. If lease term is less than eighty years, you will then be required to pay half of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Yiewsley will usually be legally entitled to a lease extension; however a solicitor should be able confirm if you qualify. In some situations you may not be entitled. There are prescribed timetables and steps to follow once the process is triggered so it’s wise to be guided by a lawyer during the process.

Yiewsley property with a lease extension is almost the same value as a freehold

Leasehold premises in Yiewsley with in excess of 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may not grant a mortgage on a short lease

Banks and building societies are really clamping down as regards to homes in Yiewsley with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus reducing the amount of prospective purchasers.

Why use us for your lease extension in Yiewsley?

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

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 Example Cases:

Aaron, Yiewsley, West London

Half a year ago Aaron, started to get close to the 80-year mark with the lease on his purpose- built flat in Yiewsley. In buying his property two decades ago, the unexpired term was of minimal relevance. As luck would have it, he realised he would soon be paying an inflated amount for a lease extension. Aaron extended the lease at the eleventh hour in August. Aaron and the landlord who owned the flat above in the end settled on a premium of £5,000 . If he not met the deadline, the price would have increased by a minimum £1,025.

Yiewsley case:

Mr Y Díaz bought a recently refurbished flat in Yiewsley in October 2005. We are asked if we could estimate the premium would likely be to extend the lease by an additional years. Comparative residencies in Yiewsley with 100 year plus lease were in the region of £275,000. The mid-range ground rent payable was £55 invoiced monthly. The lease lapsed in 2102. Having 76 years remaining we calculated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of professional charges.