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Top reasons for West Drayton lease extension

Why you should commence your West Drayton lease extension today:

A West Drayton leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities if you own a flat in West Drayton you actually own a long leasehold interest over your property

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with more than one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for decades to come.

Banks and Building Societies may decide not to lend on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet mortgage lenders start to get jittery at around 75 years. This may be problematic as and when you come to market or remortgage your flat as it will be effectively unmortgageable. Even though you might have no imminent plan to sell but when you do your buyer will have to wait 2 years before being able to commence the legal procedures for a lease extension.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
National Westminster Bank Mortgage term plus 30 years.
Royal Bank of Scotland Mortgage term plus 30 years.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

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

Lease extensions in West Drayton can be a difficult process. We recommend you get 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 in-depth market knowledge dealing with West Drayton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

West Drayton Lease Extension Example Cases:

Kate, West Drayton, West London,

Trailing protracted negotiations with the landlord of her studio flat in West Drayton, Kate started the lease extension process just as her lease was approaching the critical 80-year deadline. The legal work was finalised in November 2011. The landlord’s charges were restricted to approximately 600 GBP.

West Drayton case:

In 2012 we were phoned by Dr Oscar Rodríguez who, having bought a garden apartment in West Drayton in April 2002. We are asked if we could shed any light on how much (approximately) premium would be to extend the lease by a further 90 years. Comparable homes in West Drayton with 100 year plus lease were worth £265,000. The average amount of ground rent was £50 billed annually. The lease concluded on 15 June 2098. Considering the 73 years unexpired we calculated the premium to the landlord to extend the lease to be within £9,500 and £11,000 not including expenses.

Decision in Hillingdon

An example of a Freehold Enfranchisement matter before the tribunal for a West Drayton property is 164 Nestles Avenue in October 2013. The tribunal agreed with the proposed price of £20,158 for the freehold and determined that that sum is the amount to be paid into court This case related to 2 flats. The unexpired residue of the current lease was 69 years.