Why you should commence your Hillingdon lease extension

Main reasons to commence your Hillingdon lease extension today:

A Hillingdon lease depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Hillingdon you actually own a long leasehold interest over your property

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

It is generally considered that a property with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not lend with a short lease

Mortgage lenders have set criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once an unexpired lease term falls lower than a specified unexpired lease term. Many Lending institutions will not consider property with a remaining below seventy years as adequate security. In addition to impacting your ability to sell, it is also relevant if you are intending to remortgage your Hillingdon property.

Why use us for your lease extension in Hillingdon?

Regardless of whether you are a tenant or a freeholder in Hillingdon,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Hillingdon valuers.

Hillingdon Lease Extension Example Cases:

Stanley, Hillingdon, West London

In 2014 Stanley, came perilously close to the 80-year threshold with the lease on his ground floor apartment in Hillingdon. Having purchased his property 19 years ago, the lease term was of minimal importance. by good luck, he became aware that he needed to take steps soon on a lease extension. Stanley extended the lease just under the wire in April. Stanley and the landlord who owned the flat above ultimately settled on an amount of £5,500 . If the lease had fallen below eighty years, the amount would have increased by at least £925.

Hillingdon case:

Last month we were phoned by Mr E Gómez , who purchased a garden apartment in Hillingdon in July 1995. We are asked if we could shed any light on how much (approximately) premium could be to prolong the lease by ninety years. Similar properties in Hillingdon with 100 year plus lease were worth £275,000. The average amount of ground rent was £65 billed quarterly. The lease finished on 16 January 2094. Considering the 68 years unexpired we approximated the premium to the freeholder for the lease extension to be within £13,300 and £15,400 exclusive of professional charges.