Why you should start your Eltham lease extension

Top reasons for lease extension now:

Increase your lease and increase your Eltham property value

The re-sale value of a leasehold property in Eltham depends on how long the lease has left to run. If it is near to or fewer than eighty years you should envisage difficulties on re-sale, so it is advisable to arrange for the lease to be extended before purchasing. It is preferable to commence the process of extending the lease is when a lease still has 82 years to run so that all matters can be concluded prior to the eighty year mark. Leasehold Reform legislation enables Eltham qualifying lessees to obtain a lease extension of 90 years on top of the remaining lease term at a peppercorn rent (that is, rent free). The reason of the valuation is to arrive at an opinion of the premium payable by the lessee to the freeholder for the purchase of the lease extension.

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

It is generally accepted that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Lending institutions may not finance a property on a short lease

Lenders do not like short residential leases. You most probably encounter problems where you want to sell your flat in Eltham if the remaining term of your lease is less than the criteria set by the majority of banks and building societies. Different lenders have varying requirements but on the whole they are looking for an unexpired term of at least seventy years.

Why use us for your lease extension in Eltham?

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

Eltham Lease Extension Example Cases:

Elijah, Eltham, South East London,

Elijah owned a studio flat in Eltham being marketed with a lease of a little over 72 years left. Elijah informally spoke with his freeholder being a well known Manchester-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £200 per annum. Ordinarily, ground rent would not be due on a lease extension were Elijah to invoke his statutory right. Elijah obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and sell the flat.

Eltham case:

Last year we were called by Mr and Mrs. U Bailey , who was assigned a lease of a one bedroom flat in Eltham in March 2006. The question was if we could estimate the price could be for a ninety year extension to my lease. Similar properties in Eltham with a long lease were valued around £257,800. The mid-range amount of ground rent was £65 collected per annum. The lease expired on 5 July 2091. Having 65 years left we calculated the compensation to the freeholder for the lease extension to be between £17,100 and £19,800 plus costs.