Top reasons for Roehampton lease extension

Why you should start your Roehampton lease extension today:

Increase your lease and increase your Roehampton property value

Unfortunately that a Roehampton residential lease is a wasting asset. The lease value drops in proportion to its lease length. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Roehampton property market.Where your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than 80 years - otherwise a higher amount will be due. The majority of flat owners in Roehampton will be able to extend under the legislation; however a conveyancing solicitor will be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your lawyer throughout the formalities.

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

It is generally accepted that a residential leasehold with over 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further 90 years added to any lease with more than 35 years left, the premises will be worth the same as a freehold for many years ahead.

Banks and Building Societies may not lend with a short lease

Nearly all banks and building societies require a lengthy amount of time remaining on any leasehold property before they will consider it as adequate security. Regardless of whether you require a mortgage, you should be conscious that it is likely that someone wishing to buy your property in the future might well do, so in the event that they can't obtain a mortgage, then the market price of your property will likely be adversely impacted. In the last decade many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

What makes us experts in Roehampton lease extensions?

Using our service will provide you increased control over the value of your Roehampton leasehold, as your property will be more valuable and marketable in relation to the lease length should you wish to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Roehampton Lease Extension Example Cases:

Rory, Roehampton, South West London,

Rory was the the leasehold proprietor of a studio apartment in Roehampton being marketed with a lease of a little over 72 years left. Rory informally approached his freeholder a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Rory to invoke his statutory right. Rory obtained expert legal guidance and was able to make a more informed decision and deal with the matter and ending up with a market value flat.

Roehampton case:

In 2014 we were e-mailed by Mr and Mrs. F Campbell who, having completed a ground floor apartment in Roehampton in March 2009. The dilemma was if we could estimate the price could be for a 90 year extension to my lease. Comparable flats in Roehampton with 100 year plus lease were worth £265,200. The average amount of ground rent was £65 collected every twelve months. The lease ran out in 2092. Taking into account 66 years remaining we approximated the compensation to the freeholder for the lease extension to be between £15,200 and £17,600 exclusive of legals.