Why you should commence your Herne Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Herne Hill property value

The only way is down when it comes to Herne Hill lease terms. Herne Hill leaseholds that have a lease term less than than 80 years will de-escalate in value even faster, and the cost of extending your lease will go up.

Herne Hill property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years ahead.

Lenders may decide not to loan monies on a short lease

Most high street banks are tightening their criteria and a meaningful number now require flats to have a minimum of sixty if not seventy years left at the expiry of the mortgage. As a number of flats in Herne Hill were built in the 1950s, 1960s and 1970s as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Herne Hill lease extensions?

Irrespective of whether you are a tenant or a landlord in Herne Hill,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Herne Hill valuers.

Herne Hill Lease Extension Case Studies:

Blake, Herne Hill, South East London

During the course of the last few months Blake, came dangerously near to the eighty-year threshold with the lease on his purpose- built apartment in Herne Hill. Having bought his home 19 years previously, the unexpired term was of minimal relevance. Luckily, it dawned on him that he needed to take action soon on a lease extension. Blake extended the lease just in the nick of time last March. Blake and the freeholder eventually settled on an amount of £5,500 . If the lease had dropped lower than eighty years, the premium would have gone up by a minimum £1,050.

Herne Hill case:

Last year we were called by Ms Lauren Bertrand , who completed a basement apartment in Herne Hill in August 2006. We are asked if we could shed any light on how much (roughly) compensation to the landlord could be for a ninety year lease extension. Similar homes in Herne Hill with a long lease were in the region of £225,800. The mid-range ground rent payable was £60 billed monthly. The lease terminated in 2086. Considering the 60 years remaining we approximated the premium to the freeholder for the lease extension to be within £23,800 and £27,400 plus professional charges.