Main reasons to start your Hillingdon lease extension

Top reasons for lease extension now:

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

The value of Hillingdon leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the property will be worth the same as a freehold for many years ahead.

Mortgage lenders will not finance a property on a short lease

Nearly all mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't require a mortgage, you should be mindful that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they are unable to obtain a mortgage, then the market price of your property will likely suffer. In the last decade many mortgage lenders 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

Lease extensions in Hillingdon can be a difficult process. We recommend you secure professional help from a conveyancer and valuer 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 procuring Hillingdon lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Hillingdon Lease Extension Example Cases:

Muhammad, Hillingdon, West London

In 2014 Muhammad, came very near to the eighty-year mark with the lease on his two bedroom flat in Hillingdon. Having bought his property two decades ago, the lease term was of no significance. Thankfully, he noticed he would soon be paying way over the odds for Extending the lease. Muhammad arranged for a lease extension at the eleventh hour last July. Muhammad and the landlord in the end settled on the final figure of £5,000 . If he not met the deadline, the sum would have increased by a minimum £900.

Hillingdon case:

Mr and Mrs. K Martínez acquired a one bedroom flat in Hillingdon in November 2011. We are asked if we could approximate the compensation to the landlord could be to prolong the lease by 90 years. Identical flats in Hillingdon with 100 year plus lease were valued around £225,800. The mid-range amount of ground rent was £60 collected yearly. The lease came to a finish on 6 June 2086. Given that there were 60 years outstanding we calculated the compensation to the freeholder for the lease extension to be between £25,700 and £29,600 plus legals.