Why you should commence your Chiswick lease extension

Top reasons for lease extension now:

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

It’s a harsh truth that a Chiswick residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the first few years due to the loss of value being disguised by increases in the Chiswick property prices.Once your lease nears 85ish years, you need to start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under eighty years - otherwise a higher premium will be due. The majority of flat owners in Chiswick will be able to extend under the legislation; however a lawyer should be able to clarify whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer for the duration of the process.

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

Leasehold residencies in Chiswick with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to loan monies with a short lease

Almost all mortgage lenders require a lengthy amount of time left on a 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 probable that someone wanting to buy your property in the future might well do, so where they can't secure a mortgage, then the financial worth of the property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to accept

What makes us experts in Chiswick lease extensions?

Engaging our service will provide you better control over the value of your Chiswick leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Chiswick Lease Extension Example Cases:

Alisha, Chiswick, West London,

After unsuccessful discussions with the freeholder of her ground floor flat in Chiswick, Alisha initiated the lease extension process as the eighty year threshold was quickly advancing. The transaction was concluded in January 2015. The freeholder’s costs were restricted to slightly above 500 pounds.

Chiswick case:

Last Summer we were contacted by Mr and Mrs. V López , who took over the lease of a ground floor apartment in Chiswick in June 1998. We are asked if we could estimate the price could be to extend the lease by 90 years. Comparative properties in Chiswick with a long lease were worth £270,000. The mid-range amount of ground rent was £55 billed quarterly. The lease terminated on 5 January 2101. Considering the 76 years unexpired we approximated the premium to the landlord to extend the lease to be within £9,500 and £11,000 plus costs.