Main reasons to start your Hillingdon lease extension

Why you should start your Hillingdon lease extension today:

Increase your lease and increase your Hillingdon property value

The basic rule is, all other things holding equal, the shorter the lease the more expensive the premium. Qualifying leaseholders in Hillingdon may extend the lease for an additional 90 years in accordance with legislation. Do give careful consideration before delaying your Hillingdon lease extension. Shelving that expense now simply escalates the amount you will eventually be required to pay to extend the lease.

An extended lease is almost the same value as a freehold

Leasehold residencies in Hillingdon with more than 100 years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders will not lend on a short lease

Mortgage companies do not grant a mortgage on short residential leases. You are likely to experience problems where you need to sell your flat in Hillingdon if the unexpired lease term is below the criteria set by most lenders. Different mortgage companies have different requirements but in the main they are looking for an unexpired term of at least seventy years.

Get in touch with one of our Hillingdon lease extension solicitors or enfranchisement solicitors

Regardless of whether you are a tenant or a landlord in Hillingdon,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Hillingdon valuers.

Hillingdon Lease Extension Case Studies:

Jude, Hillingdon, West London,

Jude owned a conversion flat in Hillingdon on the market with a lease of fraction over 61 years unexpired. Jude on an informal basis contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of an increased rent to £125 annually. No ground rent would be payable on a lease extension were Jude to exercise his statutory right. Jude procured expert legal guidance and was able to make a more informed judgement and deal with the matter and readily saleable.

Hillingdon case:

In 2014 we were phoned by Mr and Mrs. N Nelson who, having was assigned a lease of a one bedroom flat in Hillingdon in April 1995. The dilemma was if we could estimate the premium could be for a ninety year lease extension. Comparable residencies in Hillingdon with a long lease were in the region of £250,400. The mid-range amount of ground rent was £65 billed yearly. The lease finished in 2090. Having 64 years as a residual term we approximated the compensation to the landlord for the lease extension to be between £19,000 and £22,000 not including professional charges.