Top reasons for Bexley lease extension

Main reasons to start your Bexley lease extension today:

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

Bexley leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets 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 should see if your lease has between seventy and 90 years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 30 years unexpired, the residence will be worth the same as a freehold for many years in the future.

Lenders may not grant a mortgage with a short lease

Lenders do not grant a mortgage on short residential leases. You most probably encounter problems where you want to sell your flat in Bexley if the remaining lease term is below the criteria set by the majority of banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Bexley?

Irrespective of whether you are a tenant or a freeholder in Bexley,the lease extension experts that we work with will always be willing 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 Example Cases:

Matthew, Bexley, South East London

Half a year ago Matthew, started to get close to the 80-year threshold with the lease on his leasehold apartment in Bexley. Having bought his property 19 years ago, the length of the lease was of no concern. Fortunately, it dawned on him that he would imminently be paying way over the odds for a lease extension. Matthew was able to extend his lease just under the wire in May. Matthew and the landlord in the end agreed on a premium of £5,500 . If he failed to meet the deadline, the premium would have gone up by a minimum £1,000.

Bexley case:

Mr and Mrs. C Clarke was assigned a lease of a studio flat in Bexley in November 2006. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year lease extension. Similar premises in Bexley with a long lease were in the region of £225,800. The average ground rent payable was £60 collected monthly. The lease ran out in 2086. Having 60 years unexpired we approximated the compensation to the landlord for the lease extension to be within £24,700 and £28,600 exclusive of fees.