Main reasons to start your Rush Green lease extension

Main reasons to commence your Rush Green lease extension today:

Increase your lease and increase your Rush Green property value

There is no doubt about it a leasehold flat or house in Rush Green is a wasting asset as a result of the diminishing lease term. If the residual term has, over one hundred years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has less than 80 years left as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the main rational as to why you should consider extending sooner rather than later. Many flat owners in Rush Green will qualify for this right; however a conveyancer should be able to confirm if you are eligible for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Rush Green with over one hundred years outstanding 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 upside in buying the freehold unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not finance a property on a short lease

Mortgage companies are really restricting their approach as regards to properties in Rush Green with short leases. For instance you may find that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus limiting your market.

What makes us experts in Rush Green lease extensions?

Regardless of whether you are a tenant or a freeholder in Rush Green,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Rush Green valuers.

Rush Green Lease Extension Example Cases:

Mia, Rush Green, London,

Following lengthy discussions with the freeholder of her basement flat in Rush Green, Mia initiated the lease extension process as the eighty year threshold was fast nearing. The lease extension was concluded in September 2013. The freeholder’s fees were kept to an absolute minimum.

Rush Green case:

Last year we were contacted by Mr Joshua Stewart , who completed a one bedroom flat in Rush Green in September 1998. We are asked if we could shed any light on how much (roughly) price would likely be for a 90 year extension to my lease. Comparable flats in Rush Green with 100 year plus lease were in the region of £171,800. The mid-range ground rent payable was £55 invoiced annually. The lease termination date was in 2076. Given that there were 50 years outstanding we estimated the compensation to the landlord for the lease extension to be within £33,300 and £38,400 not including costs.