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 property in Rush Green is a wasting asset as a result of the shortening lease. Where the lease has, over 100 years remaining then this decrease may be negligible that being said there will become a stage when a lease has fewer than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. Most flat owners in Rush Green will qualify for this right; however a lawyer will be able to advise 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.

An extended lease is almost the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lending institutions will not issue a mortgage with a short lease

Lenders are really clamping down as regards to homes in Rush Green with short leases. For example you might discover that their lending requirements are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you needed to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus reducing the number of prospective buyers.

Why use us for your lease extension in Rush Green?

Lease extensions in Rush Green can be a difficult process. We recommend you get professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience dealing with Rush Green lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Rush Green Lease Extension Example Cases:

Luke, Rush Green, London,

Luke owned a high value apartment in Rush Green being sold with a lease of just over 61 years unexpired. Luke informally spoke with his landlord a well known London-based freehold company for a lease extension. The landlord indicated a willingness to extend the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Luke to exercise his statutory right. Luke procured expert advice and secured an acceptable resolution without going to tribunal and ending up with a market value flat.

Rush Green case:

In 2009 we were approached by Mr H Bailey who, having purchased a purpose-built flat in Rush Green in November 2005. We are asked if we could approximate the compensation to the landlord would likely be to extend the lease by an additional years. Comparative properties in Rush Green with an extended lease were valued around £265,200. The average ground rent payable was £65 invoiced quarterly. The lease expired in 2092. Considering the 66 years remaining we estimated the premium to the landlord for the lease extension to be within £15,200 and £17,600 plus fees.