Why you should commence your Lansbury lease extension

Main reasons to commence your Lansbury lease extension today:

A Lansbury lease depreciates with the years remaining on the lease.

When it comes to long leasehold property in Lansbury, you effectively rent it for a certain period of time. These days flat leases typically tend to be for 99 years or 125. Even though this may appear like a long period of time, you may think about a lease extension sooner as opposed to later. The general rule is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially when there are fewer than 80 years left. Leasehold owners in Lansbury with a lease nearing 81 years left should seriously think of extending it without delay. When a lease has under 80 years remaining, under the relevant legislation the landlord can calculate and charge a greater amount, based on a technical computation, strangely termed as “marriage value” which is due.

An extended lease is almost the same value as a freehold

Leasehold premises in Lansbury with more than one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not issue a mortgage with a short lease

Most banks have narrowed their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise finance or re-mortgage against flats with shorter lease terms, particularly under 75 years as they are considered to be insufficient for lending purposes.

Why use us for your lease extension in Lansbury?

Retaining our service will provide you better control over the value of your Lansbury leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers 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:

Michael, Lansbury, London,

Michael was the the leasehold proprietor of a studio flat in Lansbury on the market with a lease of just over 72 years remaining. Michael informally contacted his freeholder being a well known London-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent at the outset set at £100 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be due on a lease extension were Michael to exercise his statutory right. Michael obtained expert advice and was able to make an informed judgement and deal with the matter and sell the flat.

Lansbury case:

In 2013 we were contacted by Dr Omar Mercier who, having completed a basement flat in Lansbury in June 2008. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by 90 years. Comparative flats in Lansbury with an extended lease were worth £275,000. The mid-range ground rent payable was £45 invoiced yearly. The lease finished in 2095. Given that there were 69 years as a residual term we estimated the premium to the freeholder for the lease extension to be between £12,400 and £14,200 plus professional charges.