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Main reasons to commence your Blackfen lease extension

Main reasons to commence your Blackfen lease extension today:

Increase your lease and increase your Blackfen property value

The market value of Blackfen leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Blackfen with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may not lend with a short lease

Almost all mortgage companies insist on a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wanting to buy your property in the future might well do, so if they are unable to obtain a mortgage, then the value of your property will likely suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are willing to lend on

Lender Requirement
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Leeds Building Society 85 years remaining from the start of the mortgage.
Skipton Building Society 85 years from the date of completion of the mortgage

For Buy to Let cases:
- lettings must not breach any of the lessee’s covenants; and
- consent of the lessor to lettings must be obtained if necessary
Virgin 85 years at the time of completion. If it's less, we require it to be extended on or before completion.
Yorkshire Building Society 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.

Why use us for your lease extension in Blackfen?

Retaining our service will provide you increased control over the value of your Blackfen leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Blackfen Lease Extension Example Cases:

Jessica, Blackfen, South East London,

Subsequent to unsuccessful discussions with the freeholder of her two bedroom flat in Blackfen, Jessica started the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The transaction was finalised in August 2011. The freeholder’s fees were restricted to less than 700 GBP.

Blackfen case:

Last Autumn we were phoned by Mr and Mrs. F Vincent , who purchased a basement apartment in Blackfen in October 1996. We are asked if we could estimate the compensation to the landlord would likely be for a ninety year extension to my lease. Similar premises in Blackfen with a long lease were in the region of £260,000. The mid-range amount of ground rent was £50 invoiced monthly. The lease termination date was in 2096. Given that there were 72 years unexpired we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 not including costs.

Decision in Greenwich

An example of a Lease Extension matter before the tribunal for a Blackfen property is 103a Footscray Road in January 2014. The tribunal determines that the premium payable for the extended lease should be £34,500 according to the expert witness valuation calculation This case related to 1 flat.