Top reasons for Chiswick lease extension

Top reasons for lease extension now:

Increase your lease and increase your Chiswick property value

For anyone whose Chiswick home is held on a long lease, our message is clear – if you ignore the situation, your property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the lower the value of the property and the more expensive it will be to extend the lease.

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

It is conventional wisdom that a property with more than one hundred years unexpired lease term is worth approximately the same as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Almost all mortgage lenders will not lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will undoubtedly find it difficult in obtaining a mortgage and this could result in your Chiswick property being difficult to dispose of or remortgage.

What makes us experts in Chiswick lease extensions?

Lease extensions in Chiswick can be a difficult process. We recommend you procure professional help 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 a wealth of experience 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 Example Cases:

Harrison, Chiswick, West London,

Harrison was the the leasehold proprietor of a high value flat in Chiswick being marketed with a lease of a little over 61 years unexpired. Harrison informally spoke with his landlord a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years on the basis of a rise in the rent to £125 yearly. No ground rent would be due on a lease extension were Harrison to exercise his statutory right. Harrison procured expert advice and secured satisfactory deal informally and sell the property.

Chiswick case:

Last April we were approach by Ms Robyn Mercier , who bought a one bedroom apartment in Chiswick in March 2010. The question was if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Identical properties in Chiswick with 100 year plus lease were in the region of £275,000. The mid-range amount of ground rent was £55 invoiced yearly. The lease lapsed in 2102. Having 76 years unexpired we estimated the compensation to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of expenses.