Main reasons to start your Bexley lease extension

Why you should start your Bexley lease extension today:

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

The basic rule is, all other things holding equal, the shorter the lease the more costly the premium. Qualifying leaseholders in Bexley may extend the lease for an additional 90 years under statute. Do give careful consideration before delaying your Bexley lease extension. Shelving that expense now simply increases the premium you will ultimately be required to pay to extend the lease.

An extended lease has roughly the same value as a freehold

Leasehold properties in Bexley with more than 100 years outstanding 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 premises. In such circumstances there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges warrant it.

Lenders may decide not to loan monies on a short lease

Mortgage lenders have specific criteria when loaning monies charged on leasehold property. Some will simply refrain from lending at all once the remaining lease term falls below a certain unexpired lease term. Many Mortgage lenders will not consider property with a remaining term of less than seventy years suitable security. In addition to impacting your ability to sell, it is also relevant if you are intending to refinance your Bexley home.

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

Irrespective of whether you are a tenant or a freeholder in Bexley,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bexley valuers.

Bexley Lease Extension Example Cases:

Kayleigh, Bexley, South East London,

In the wake of eight months of unsuccessful negotiations with the landlord of her purpose-built flat in Bexley, Kayleigh commenced the lease extension process as the 80 year deadline was rapidly coming. The lease extension was concluded in July 2010. The landlord’s fees were kept to an absolute minimum.

Bexley case:

Last May we were approach by Mr and Mrs. C Wood , who owned a studio apartment in Bexley in August 2000. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be for a ninety year lease extension. Comparable premises in Bexley with a long lease were in the region of £300,000. The average amount of ground rent was £50 collected per annum. The lease came to a finish in 2101. Considering the 75 years remaining we approximated the compensation to the landlord to extend the lease to be between £9,500 and £11,000 plus professional charges.