Top reasons for Chiswick lease extension

Main reasons to commence your Chiswick lease extension today:

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

The only way is down when it comes to Chiswick lease terms. Chiswick properties that have a lease term shorter than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will increase.

An extended lease is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an additional ninety years added to any lease with more than 45 years left, the residence will be worth the same as a freehold for decades to come.

Banks and Building Societies will not lend on a short lease

Lenders will not lend on short residential leases. You are likely to encounter difficulties if you want to sell your flat in Chiswick if the remaining lease term is below the criteria set by the majority of lenders. Different lenders have different criteria but generally theyrequire an unexpired term of at least seventy years.

What makes us experts in Chiswick lease extensions?

The lawyers that we work with handle Chiswick lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Chiswick Lease Extension Example Cases:

Sophie, Chiswick, West London,

After protracted correspondence with the landlord of her ground floor flat in Chiswick, Sophie started the lease extension process as the 80 year deadline was swiftly coming. The legal work was concluded in June 2012. The freeholder’s charges were negotiated to less than 550 GBP.

Chiswick case:

Mr and Mrs. E Morel took over the lease of a ground floor flat in Chiswick in April 2003. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a 90 year extension to my lease. Comparable homes in Chiswick with a long lease were worth £290,000. The mid-range amount of ground rent was £60 collected quarterly. The lease lapsed on 24 April 2106. Taking into account 80 years outstanding we estimated the compensation to the landlord for the lease extension to be between £13,300 and £15,400 plus legals.