Main reasons to start your Rush Green lease extension

Why you should start your Rush Green lease extension today:

A Rush Green lease depreciates with the years remaining on the lease.

The value of Rush Green leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than eighty years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Rush Green with more than 100 years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges merit it.

Lenders may decide not to lend on a short lease

Banks and building societies are really clamping down as regards to homes in Rush Green with short leases. For instance you might discover that their lending requirements are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your only options would be to find a cash buyer, or hope for the best at auction thus reducing the amount of prospective purchasers.

Get in touch with one of our Rush Green lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Rush Green leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Rush Green Lease Extension Case Studies:

Edward, Rush Green, London,

Edward owned a conversion apartment in Rush Green on the market with a lease of just over fifty eight years outstanding. Edward informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years subject to a new rent at the outset set at £150 per annum and doubled every 25 years thereafter. No ground rent would be payable on a lease extension were Edward to exercise his statutory right. Edward obtained expert legal guidance and was able to make an informed judgement and handle with the matter and sell the property.

Rush Green case:

Last month we were e-mailed by Mr and Mrs. A Moreau , who owned a basement apartment in Rush Green in January 1998. The dilemma was if we could approximate the compensation to the landlord would likely be to extend the lease by 90 years. Similar flats in Rush Green with 100 year plus lease were worth £191,400. The average ground rent payable was £55 invoiced yearly. The lease expired on 8 July 2080. Taking into account 54 years left we estimated the premium to the freeholder to extend the lease to be within £34,200 and £39,600 plus costs.