Top reasons for Chiswick lease extension

Why you should commence your Chiswick lease extension today:

Increase your lease and increase your Chiswick property value

There is no doubt about it a leasehold property in Chiswick is a wasting asset as a result of the shortening lease. If the lease has, beyond one hundred years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than 80 years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. The majority of flat owners in Chiswick will qualify for this right; that being said a lawyer can advise whether you are eligible for a lease extension. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

An extended lease has roughly the same value as a freehold

Leasehold properties in Chiswick with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. 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 will not loan monies on a short lease

Mortgage lenders have specific criteria when loaning funds secured on leasehold property. Many will simply refrain from lending at all once the remaining lease term goes beneath a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Chiswick home.

Why use us for your lease extension in Chiswick?

Lease extensions in Chiswick can be a difficult process. We recommend you procure guidance from a lawyer and surveyor with experience in lease extensions.

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 dealing with 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 Case Summaries:

Lucas, Chiswick, West London,

Lucas owned a conversion flat in Chiswick on the market with a lease of just over fifty eight years unexpired. Lucas on an informal basis approached his freeholder a well known local-based freehold company for a lease extension. The freeholder was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a rise in the rent to £200 per annum. No ground rent would be due on a lease extension were Lucas to exercise his statutory right. Lucas procured expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Chiswick case:

Mr and Mrs. Y Parker was assigned a lease of a first floor flat in Chiswick in July 2011. The dilemma was if we could approximate the price would be for a 90 year lease extension. Similar homes in Chiswick with a long lease were worth £210,600. The mid-range amount of ground rent was £65 invoiced every twelve months. The lease lapsed in 2088. Considering the 62 years outstanding we approximated the compensation to the landlord for the lease extension to be between £18,100 and £20,800 not including costs.