Why you should start your Hillingdon lease extension

Top reasons for lease extension now:

Increase your lease and increase your Hillingdon property value

Hillingdon leases on residential properties are gradually losing value. Where your lease has in the region of ninety years unexpired, you should start thinking about a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you start paying an additional element called marriage value. Flat owners in Hillingdon will mostly be legally entitled to a lease extension; however a solicitor should be able check your eligibility. In certain circumstances you may not qualify. There are also strict deadlines and formalities to comply with once the process has commenced so it’s prudent to be guided by a lawyer during the process.

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

Leasehold properties in Hillingdon with over 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not grant a mortgage with a short lease

Many banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should keep in mind that it is likely that someone wanting to buy your property in the future might well do, so in the event that they are not able to secure a mortgage, then the financial worth of your property will likely suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are prepared to accept

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

Irrespective of whether you are a tenant or a landlord in Hillingdon,the lease extension lawyers that we work with will always be happy 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 Summaries:

Katie, Hillingdon, West London,

In the wake of eight months of unsuccessful negotiations with the freeholder of her first floor apartment in Hillingdon, Katie initiated the lease extension process just as the lease was nearing the all-important 80-year deadline. The legal work completed in September 2014. The freeholder’s charges were kept to an absolute minimum.

Hillingdon case:

Last October we were phoned by Ms Madeleine Cooper , who took over the lease of a garden apartment in Hillingdon in April 2011. The dilemma was if we could estimate the compensation to the landlord would be for a ninety year lease extension. Similar properties in Hillingdon with 100 year plus lease were worth £181,600. The average amount of ground rent was £55 invoiced every twelve months. The lease came to a finish on 17 October 2078. Considering the 52 years remaining we estimated the premium to the landlord for the lease extension to be between £30,400 and £35,200 exclusive of fees.