Top reasons for Bexley lease extension

Top reasons for lease extension now:

A Bexley leasehold property depreciates with the years remaining on the lease.

Owning a apartment usually means owning a lease of the property, which has a set term of years. The lease will normally be granted for a set period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Bexley. Inevitably, the period of lease left reduces as time goes by. This is often ignored and only becomes a problem when the flat or house has to be disposed of or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible leaseholders in Bexley have the right to extend the lease for a further ninety years under the 1993 Leasehold Reform Act. Do give due attention before putting off your Bexley lease extension. Putting off the cost now only increases the price you will eventually have to pay to extend your lease

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may decide not to finance a property with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are encountering difficulties in arranging funding or re-mortgage against flats with shorter lease terms, particularly below seventy years as they are regarded as insufficient security.

Why use us for your lease extension in Bexley?

Irrespective of whether you are a tenant or a landlord in Bexley,the lease extension experts 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 Bexley valuers.

Bexley Lease Extension Case Summaries:

Georgia, Bexley, South East London,

In the wake of eight months of protracted discussions with the freeholder of her leasehold apartment in Bexley, Georgia started the lease extension process as the 80 year mark was quickly coming. The legal work was concluded in April 2014. The freeholder’s charges were kept to an absolute minimum.

Bexley case:

Mr and Mrs. N Roberts took over the lease of a ground floor apartment in Bexley in November 1998. We are asked if we could estimate the price could be for a ninety year extension to my lease. Comparable premises in Bexley with an extended lease were in the region of £285,000. The mid-range ground rent payable was £45 billed every twelve months. The lease finished on 18 August 2097. Considering the 71 years as a residual term we estimated the compensation to the freeholder to extend the lease to be between £12,400 and £14,200 not including expenses.