Main reasons to commence your Thamesmead lease extension

Why you should commence your Thamesmead lease extension today:

Increase your lease and increase your Thamesmead property value

As the length of the unexpired term of a Thamesmead domestic lease diminished so does its value and therefore the value of your property. Where the lease has, over one hundred years to run then this decrease may be of little impact that being said there will become a stage when a lease has less than eighty years left as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main logic behind why you should consider extending without delay. The majority of flat owners in Thamesmead will qualify for this right; nevertheless a lawyer can advise if you are eligible to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold premises in Thamesmead with over one hundred years left 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 home. In such situations there is often little upside in buying the freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may decide not to grant a mortgage with a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold residence before they will consider lending on it. Even if you don't require a mortgage, you should keep in mind that it is reasonable to assume that someone intending to buy your property in the future might well do, so in the event that they are unable to obtain a mortgage, then the financial worth of the property could suffer. Since 2008 the majority of banks and building societies have increased the required minimum lease length that they are prepared to lend on

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

Irrespective of whether you are a tenant or a landlord in Thamesmead,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Thamesmead valuers.

Thamesmead Lease Extension Example Cases:

Chloe, Thamesmead, South East London,

After protracted correspondence with the freeholder of her two bedroom apartment in Thamesmead, Chloe initiated the lease extension process as the 80 year deadline was fast approaching. The legal work was concluded in August 2011. The landlord’s costs were restricted to under 650 GBP.

Thamesmead case:

In 2013 we were called by Mrs Charlotte Torres who, having moved into a basement flat in Thamesmead in July 2005. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Similar residencies in Thamesmead with an extended lease were worth £285,000. The average ground rent payable was £55 collected yearly. The lease lapsed in 2105. Given that there were 79 years left we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 not including fees.