Why you should start your Chiswick lease extension

Main reasons to commence your Chiswick lease extension today:

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

The rule of thumb is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Chiswick may extend the lease for an additional ninety years in accordance with legislation. Do think carefully before delaying your Chiswick lease extension. Putting off that expense now simply increases the price you will ultimately have to pay for a lease extension.

An extended lease has roughly the same value as a freehold

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

Lenders may not issue a mortgage on a short lease

Almost all banks and building societies require a lengthy amount of time left on any leasehold residence before they will contemplate it as adequate security. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to purchase your property in the future might well do, so where they are not able to obtain a mortgage, then the financial worth of your property could be adversely impacted. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Chiswick lease extensions?

Lease extensions in Chiswick can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and surveyor well versed in the legislation and lease extension process.

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 Chiswick lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chiswick Lease Extension Example Cases:

Katherine, Chiswick, West London,

In the wake of 9 months of lengthy correspondence with the landlord of her basement flat in Chiswick, Katherine started the lease extension process as the eighty year deadline was rapidly coming. The legal work completed in May 2007. The freeholder’s costs were kept to an absolute minimum.

Chiswick case:

Last March we were called by Mr Kyle Hernández , who bought a newly refurbished apartment in Chiswick in November 2002. We are asked if we could shed any light on how much (roughly) price would be for a 90 year lease extension. Identical homes in Chiswick with a long lease were worth £264,000. The mid-range amount of ground rent was £60 billed monthly. The lease terminated in 2079. Given that there were 53 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 plus legals.