Main reasons to start your Bexley lease extension

Top reasons for lease extension now:

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

As the the remaining lease term of a Bexley domestic lease decreases so does its value and therefore the value of your property. Where the residual term has, more than one hundred years remaining then this decrease may be fractional that being said there will become a point in time when a lease has under than 80 years unexpired as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary rational as to why you should extend the lease sooner rather than later. Many flat owners in Bexley will qualify for this right; however a conveyancing solicitor can confirm if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

Bexley property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not grant a mortgage on a short lease

Banks and building societies are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining once the mortgage has expired. Considering a number of flats in Bexley were built in the fifties, sixties and seventies as a result many now need to be extended if they if they are to be mortgageable.

What makes us experts in Bexley lease extensions?

The conveyancing solicitors that we work with handle Bexley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Bexley Lease Extension Example Cases:

Jennifer, Bexley, South East London,

Trailing protracted negotiations with the freeholder of her leasehold flat in Bexley, Jennifer initiated the lease extension process as the eighty year threshold was swiftly approaching. The legal work was finalised in February 2010. The landlord’s costs were restricted to slightly above 450 pounds.

Bexley case:

Last month we were e-mailed by Mr Nathaniel Martínez , who took over the lease of a first floor apartment in Bexley in January 1995. The dilemma was if we could shed any light on how much (approximately) compensation to the landlord would likely be for a ninety year extension to my lease. Comparative premises in Bexley with a long lease were worth £206,200. The mid-range amount of ground rent was £60 collected per annum. The lease finished on 27 August 2082. Given that there were 56 years left we calculated the premium to the landlord to extend the lease to be within £32,300 and £37,400 not including legals.