Top reasons for Roehampton lease extension

Top reasons for lease extension now:

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

On the balance of probabilities where you own a flat in Roehampton you actually own a long leasehold interest over your property

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

It is generally considered that a property with more than 100 years remaining is worth roughly the equivalent as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders will not finance a property with a short lease

Lenders do not grant a mortgage on short residential leases. You most probably encounter difficulties if you wish to sell your flat in Roehampton if the unexpired term of your lease is under the criteria set by the majority of banks and building societies. Different lenders have different criteria but generally they are looking for an unexpired term of at least seventy years.

What makes us experts in Roehampton lease extensions?

The conveyancers that we work with handle Roehampton 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 conveyancing solicitor we work with provide it.

Roehampton Lease Extension Example Cases:

Stephanie, Roehampton, South West London,

After lengthy correspondence with the landlord of her ground floor flat in Roehampton, Stephanie initiated the lease extension process as the 80 year mark was swiftly coming. The legal work was finalised in November 2015. The landlord’s fees were kept to an absolute minimum.

Roehampton case:

In 2010 we were phoned by Mr and Mrs. S Sharif who, having bought a first floor apartment in Roehampton in January 2002. We are asked if we could approximate the price would be to extend the lease by ninety years. Comparative properties in Roehampton with 100 year plus lease were in the region of £171,800. The average amount of ground rent was £55 collected per annum. The lease finished in 2076. Given that there were 50 years as a residual term we calculated the premium to the landlord to extend the lease to be between £33,300 and £38,400 not including expenses.