Main reasons to start your Bexley lease extension

Main reasons to commence your Bexley lease extension today:

Increase your lease and increase your Bexley property value

Bexley leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Bexley tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Bexley you must check if your lease has between 70 and 90 years left. In particular once the remaining lease term slips under 80 years, the premium due on any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease is almost the same value as a freehold

Leasehold residencies in Bexley with more than 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges justify it.

Mortgage lenders will not finance a property with a short lease

Many banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider it as adequate security. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wishing to purchase your property in the future might well do, so if they can't obtain a mortgage, then the value of the property will likely be adversely impacted. In the last decade the majority of mortgage lenders have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Bexley?

Using our service will provide you better control over the value of your Bexley leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Bexley Lease Extension Case Summaries:

Tia, Bexley, South East London,

Following protracted discussions with the landlord of her one bedroom apartment in Bexley, Tia started the lease extension process just as the lease was nearing the critical 80-year threshold. The legal work was finalised in July 2010. The landlord’s costs were kept to an absolute minimum.

Bexley case:

Dr Seth White bought a basement flat in Bexley in March 2002. We are asked if we could approximate the premium would likely be to prolong the lease by 90 years. Comparable premises in Bexley with an extended lease were valued about £205,000. The mid-range ground rent payable was £50 collected annually. The lease came to a finish on 5 March 2105. Given that there were 79 years unexpired we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus expenses.