Why you should start your Chiswick lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chiswick property value

Unfortunately that a Chiswick residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the reduction being disguised by increases in the Chiswick property market.Where your lease has approximately ninety years left, you need to start considering 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 dips under eighty years - otherwise a higher amount will be due. The majority of leasehold owners in Chiswick will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancer for the duration of the process.

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

It is conventional wisdom that a residential leasehold with more than 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years ahead.

Lending institutions may not loan monies on a short lease

Mortgage companies do not lend on short residential leases. You are likely to encounter difficulties where you want to sell your flat in Chiswick if the remaining lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have different criteria but generally they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Chiswick?

Using our service gives you increased control over the value of your Chiswick leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Chiswick Lease Extension Example Cases:

Theo, Chiswick, West London,

Theo owned a high value flat in Chiswick on the market with a lease of fraction over 61 years remaining. Theo on an informal basis approached his freeholder being a well known local-based freehold company for a lease extension. The landlord was keen to agree an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be payable on a lease extension were Theo to exercise his statutory right. Theo procured expert advice and was able to make an informed judgement and handle with the matter and readily saleable.

Chiswick case:

In 2010 we were contacted by Mr Matthew Hernández who, having was assigned a lease of a basement apartment in Chiswick in June 2007. We are asked if we could shed any light on how much (roughly) premium would likely be to prolong the lease by an additional years. Identical premises in Chiswick with an extended lease were in the region of £183,600. The average amount of ground rent was £65 billed yearly. The lease expired on 28 June 2083. Taking into account 57 years outstanding we approximated the premium to the freeholder to extend the lease to be between £28,500 and £33,000 plus professional charges.