Top reasons for Herne Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Herne Hill property value

Herne 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 your lease gets more expensive. The majority of owners of residential leasehold property in Herne Hill enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Herne Hill you should investigate if your lease has between seventy and ninety years left. There are good reasons why a Herne Hill leaseholder with a lease having around 80 years unexpired should take action to ensure that a lease extension is effected without delay

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

Leasehold properties in Herne Hill with in excess of 100 years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and service charges merit it.

Banks and Building Societies may decide not to loan monies on a short lease

Mortgage companies do not grant a mortgage on short residential leases. You are likely to encounter difficulties if you wish to sell your flat in Herne Hill if the remaining term of your lease is under the criteria set by most banks and building societies. Different mortgage companies have varying criteria but on the whole they are looking for a minimum remaining lease term of seventy years.

What makes us experts in Herne Hill lease extensions?

Lease extensions in Herne Hill can be a difficult process. We recommend you secure guidance from a conveyancing solicitor and valuer 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 a wealth of experience procuring 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 Case Summaries:

Holly, Herne Hill, South East London,

Trailing protracted correspondence with the freeholder of her purpose-built flat in Herne Hill, Holly initiated the lease extension process just as her lease was approaching the crucial eighty-year threshold. The legal work completed in April 2005. The landlord’s charges were kept to an absolute minimum.

Herne Hill case:

Mr and Mrs. G Patel purchased a basement flat in Herne Hill in April 2004. We are asked if we could shed any light on how much (approximately) compensation to the landlord would likely be to prolong the lease by a further 90 years. Identical homes in Herne Hill with a long lease were worth £300,000. The average ground rent payable was £50 billed yearly. The lease expired in 2101. Given that there were 75 years left we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 not including costs.