Why you should commence 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

It’s an underpublicised certainty that a Rush Green residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the depreciation being disguised by increases in the Rush Green property market.Once your lease nears 85ish years, you need to start thinking about a lease extension. If lease term dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. The marriage fee is the amount of additional value that a lease extension will add the property Most leasehold owners in Rush Green will be able to extend under the legislation; however a conveyancer will be able to confirm whether you qualify for an extension. 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 conveyancer for the duration of the process.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Rush Green with more than 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders will not lend on a short lease

Most mortgage lenders will not lend on a lease with less than seventy years unexpired - although this varies between mortgage companies. A purchaser will no doubt find it difficult in obtaining a mortgage and this could result in your Rush Green property becoming difficult to dispose of or refinance.

What makes us experts in Rush Green lease extensions?

The conveyancing solicitors that we work with handle Rush Green 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 conveyancer we work with provide it.

Rush Green Lease Extension Case Summaries:

Jodie, Rush Green, London,

Trailing unsuccessful discussions with the landlord of her one bedroom flat in Rush Green, Jodie commenced the lease extension process as the eighty year deadline was quickly nearing. The legal work completed in January 2007. The landlord’s fees were negotiated to slightly above 600 pounds.

Rush Green case:

Mrs V Alexander owned a one bedroom apartment in Rush Green in February 2006. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by a further 90 years. Comparative premises in Rush Green with a long lease were in the region of £240,600. The mid-range amount of ground rent was £65 billed every twelve months. The lease finished on 9 January 2088. Having 62 years outstanding we estimated the premium to the landlord to extend the lease to be within £21,900 and £25,200 not including costs.