Main reasons to commence your South East London lease extension

Top reasons for lease extension now:

Increase your lease and increase your South East London property value

South East London leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying South East London residential leaseholders to extend the terms of long leases. If you are a leasehold owner in South East London you must investigate if your lease has between seventy and 90 years left. There are compelling reasons why a South East London flat owner with a lease having around eighty years remaining should take action to ensure that a lease extension is actioned without delay

An extended lease is almost the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years left, the residence will be equivalent in value to a freehold for decades to come.

Lenders may not finance a property with a short lease

Lenders do not like short residential leases. You most probably experience problems if you wish to sell your flat in South East London if the remaining term of your lease is below the criteria set by the majority of lenders. Different lenders have varying requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

Get in touch with one of our South East London lease extension solicitors or enfranchisement solicitors

Using our service will provide you enhanced control over the value of your South East London leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

South East London Lease Extension Case Studies:

Lucas, South East London, London,

Lucas owned a studio apartment in South East London on the market with a lease of a few days over fifty eight years remaining. Lucas on an informal basis approached his freeholder a well known Manchester-based freehold company for a lease extension. The freeholder was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Lucas to exercise his statutory right. Lucas obtained expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.

South East London case:

Dr David David completed a newly refurbished flat in South East London in September 1997. The dilemma was if we could estimate the price would likely be for a 90 year extension to my lease. Comparable residencies in South East London with 100 year plus lease were worth £270,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease finished on 26 April 2099. Given that there were 74 years remaining we approximated the compensation to the freeholder for the lease extension to be within £9,500 and £11,000 plus professional charges.