Top reasons for Herne Hill lease extension

Why you should commence your Herne Hill lease extension today:

A Herne Hill lease depreciates with the years remaining on the lease.

Herne Hill residential property held on a long lease is a depreciating asset because a leaseholder only owns the property for a set term.

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

It is conventional wisdom that a residential leasehold with over 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

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

Many banks and building societies insist on a lengthy amount of time remaining on a leasehold property before they will consider it as adequate security. Regardless of whether you need a mortgage, you should be conscious that it is probable that someone intending to acquire your property in the future might well do, so in the event that they are unable to get a mortgage, then the market price of the property could be adversely impacted. In the last decade most banks and building societies have increased the required minimum lease length that they are prepared to lend on

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

Lease extensions in Herne Hill can be a difficult process. We recommend you obtain guidance from a lawyer and surveyor with experience in this area.

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 in-depth market knowledge dealing with Herne Hill lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Herne Hill Lease Extension Example Cases:

Katie, Herne Hill, South East London,

Off the back of protracted negotiations with the landlord of her basement apartment in Herne Hill, Katie started the lease extension process as the eighty year deadline was fast nearing. The lease extension was concluded in April 2009. The freeholder’s costs were kept to an absolute minimum.

Herne Hill case:

In 2013 we were contacted by Mr W Scott who, having moved into a one bedroom flat in Herne Hill in March 2008. The question was if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Herne Hill with a long lease were worth £275,000. The mid-range amount of ground rent was £45 billed yearly. The lease finished on 16 January 2094. Given that there were 69 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £12,400 and £14,200 exclusive of costs.