Why you should start your Eden Park lease extension

Top reasons for lease extension now:

A Eden Park leasehold property depreciates with the years remaining on the lease.

With a domestic leasehold premises in Eden Park, you effectively rent it for a certain amount of time. In recent years flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately more expensive particularly when there are fewer than eighty years remaining. Leasehold owners in Eden Park with a lease drawing near to 81 years remaining should seriously think of extending it without delay. Once the lease term has less than eighty years left, under the relevant legislation the landlord can calculate and charge a greater amount, assessed on a technical calculation, known as “marriage value” which is payable.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with in excess of 100 years remaining is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders will not issue a mortgage on a short lease

Lenders are really clamping down as regards to homes in Eden Park with short leases. For example you may find that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting the number of potential purchasers.

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

Engaging our service gives you enhanced control over the value of your Eden Park leasehold, as your property will be more valuable and saleable in respect of lease length should you decide 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.

Eden Park Lease Extension Example Cases:

Bethan, Eden Park, South East London,

Trailing lengthy negotiations with the landlord of her first floor apartment in Eden Park, Bethan initiated the lease extension process just as her lease was approaching the all-important 80-year mark. The transaction was concluded in January 2013. The freeholder’s charges were negotiated to slightly above 500 pounds.

Eden Park case:

Mr and Mrs. U Laurent acquired a ground floor flat in Eden Park in June 2007. The question was if we could estimate the compensation to the landlord would likely be to extend the lease by a further 90 years. Identical premises in Eden Park with a long lease were in the region of £176,200. The average ground rent payable was £65 invoiced monthly. The lease expired on 3 January 2082. Considering the 56 years left we calculated the compensation to the freeholder for the lease extension to be between £29,500 and £34,000 not including costs.