Main reasons to commence your Lansbury lease extension

Top reasons for lease extension now:

Increase your lease and increase your Lansbury property value

Lansbury leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. It is the case that most Lansbury tenants have the right to extend their lease by an additional 90 years under the 1993 Leasehold Reform Act. Where you are a leasehold owner in Lansbury you must see if your lease has between seventy and ninety years left. There are good reasons why a Lansbury flat owner with a lease having around 80 years left should take action to ensure that a lease extension is actioned without delay

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

It is generally considered that a residential leasehold with more than one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to all but the shortest lease, the residence will be worth the same as a freehold for many years in the future.

Lending institutions may not loan monies with a short lease

Most mortgage companies insist on a lengthy amount of time left on any leasehold residence before they will consider it as adequate security. Regardless of whether you require a mortgage, you should keep in mind that it is likely that someone wanting to purchase your property in the future might well do, so where they can't obtain a mortgage, then the market price of your property could be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to accept

Why use us for your lease extension in Lansbury?

Using our service will provide you better control over the value of your Lansbury leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Lansbury Lease Extension Example Cases:

Catherine, Lansbury, London,

Following lengthy correspondence with the freeholder of her two bedroom apartment in Lansbury, Catherine initiated the lease extension process as the 80 year threshold was quickly approaching. The legal work was concluded in February 2015. The landlord’s charges were negotiated to less than 450 pounds.

Lansbury case:

Last year we were contacted by Mr and Mrs. D Flores , who was assigned a lease of a newly refurbished flat in Lansbury in April 2000. The question was if we could approximate the price would be to prolong the lease by ninety years. Identical flats in Lansbury with an extended lease were in the region of £200,000. The mid-range ground rent payable was £50 invoiced yearly. The lease came to a finish on 9 February 2103. Given that there were 78 years outstanding we estimated the compensation to the landlord for the lease extension to be within £8,600 and £9,800 plus professional charges.