Why you should commence your Lansbury lease extension

Main reasons to start your Lansbury lease extension today:

Increase your lease and increase your Lansbury property value

Lansbury leases on domestic properties are gradually losing value. Where your lease has in the region of 90 years left, you should start considering the need for a lease extension. If lease term falls under eighty years, you will then have to pay half of the property's 'marriage value' in addition to the standard cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Lansbury will usually be legally entitled to a lease extension; however a solicitor will confirm if you qualify. In some cases you may not be entitled. There are prescribed deadlines and steps to comply with once the process has commenced so it’s best to be guided by a conveyancer during the process.

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

Leasehold residencies in Lansbury with more than 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges merit it.

Lenders may not lend with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to become concerned at around 75 years. This may cause difficulties once you wish to market or remortgage your property as it will be practically unmortgageable. You may have no imminent plan to sell but when you do your buyer will have to hold off for 2 years before they can exercise the right to a an extension to the lease.

Why use us for your lease extension in Lansbury?

The conveyancing solicitors that we work with procure Lansbury lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Lansbury Lease Extension Case Summaries:

Hannah, Lansbury, London,

After lengthy negotiations with the landlord of her leasehold flat in Lansbury, Hannah initiated the lease extension process as the eighty year deadline was quickly advancing. The transaction was finalised in October 2013. The freeholder’s charges were kept to an absolute minimum.

Lansbury case:

Mr and Mrs. I Cook moved into a one bedroom flat in Lansbury in June 2011. We are asked if we could estimate the price would likely be to prolong the lease by ninety years. Identical homes in Lansbury with a long lease were in the region of £166,800. The mid-range ground rent payable was £50 invoiced every twelve months. The lease terminated in 2074. Considering the 50 years outstanding we approximated the compensation to the landlord for the lease extension to be between £32,300 and £37,400 exclusive of legals.