Main reasons to start your Forest Hill lease extension

Main reasons to start your Forest Hill lease extension today:

Increase your lease and increase your Forest Hill property value

Forest Hill 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 becomes more expensive. Most owners of residential leasehold property in Forest Hill enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Forest Hill you should check if your lease has between 70 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 will incur is what is known as a marriage value

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

It is conventional wisdom that a property with in excess of 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not grant a mortgage on a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold property. Many will simply not lend at all once an unexpired lease term drops beneath a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired term of less than seventy years as acceptable security. In addition to this being important when selling, it is also relevant if you are wanting to refinance your Forest Hill property.

Get in touch with one of our Forest Hill lease extension solicitors or enfranchisement solicitors

Lease extensions in Forest Hill can be a difficult process. We recommend you procure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Forest Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Forest Hill Lease Extension Example Cases:

Seth, Forest Hill, South East London

In 2014 Seth, came very near to the eighty-year mark with the lease on his basement flat in Forest Hill. Having bought his home two decades ago, the unexpired term was of no interest. Fortunately, he became aware that he needed to take steps soon on a lease extension. Seth was able to extend his lease just under the wire last May. Seth and the landlord subsequently agreed on a premium of £6,000 . If the lease had fallen below eighty years, the price would have increased by a minimum £950.

Forest Hill case:

Mr and Mrs. W Mercier owned a purpose-built apartment in Forest Hill in May 2000. The question was if we could approximate the price would likely be for a ninety year lease extension. Similar flats in Forest Hill with 100 year plus lease were in the region of £208,200. The average ground rent payable was £65 billed per annum. The lease came to a finish on 25 January 2087. Taking into account 61 years as a residual term we estimated the premium to the landlord to extend the lease to be between £20,000 and £23,000 not including legals.