Why you should commence your Herne Hill lease extension

Main reasons to commence your Herne Hill lease extension today:

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

With a domestic leasehold premises in Herne Hill, you are actually purchasing an entitlement to live in a property for a prescribed time frame. Modern 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 may consider a lease extension sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease becomes disproportionately greater notably once there are less than eighty years left. Anyone in Herne Hill with a lease drawing near to 81 years unexpired should seriously consider extending it without delay. Once the lease term has less than eighty years outstanding, under the current statute the freeholder is entitled to calculate and charge a larger amount, based on a technical calculation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 30 years remaining, the property will be worth the same as a freehold for many years in the future.

Lending institutions may decide not to loan monies with a short lease

Why use us for your lease extension in Herne Hill?

Engaging our service gives you better control over the value of your Herne Hill leasehold, as your property will be more valuable and saleable in terms of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Herne Hill Lease Extension Example Cases:

Theo, Herne Hill, South East London,

Theo owned a high value flat in Herne Hill on the market with a lease of fraction over 72 years remaining. Theo informally spoke with his freeholder 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 new rent initially set at £100 per annum and increase every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Theo to exercise his statutory right. Theo procured expert legal guidance and was able to make a more informed decision and deal with the matter and readily saleable.

Herne Hill case:

Ms Y Watson moved into a first floor flat in Herne Hill in February 2007. The question was if we could estimate the premium could be to prolong the lease by ninety years. Similar flats in Herne Hill with a long lease were worth £181,600. The mid-range ground rent payable was £55 billed annually. The lease finished on 11 October 2078. Having 52 years outstanding we approximated the compensation to the landlord to extend the lease to be within £30,400 and £35,200 plus expenses.