Main reasons to commence your Abbey Wood lease extension

Top reasons for lease extension now:

A Abbey Wood leasehold property depreciates with the years remaining on the lease.

Chances are that if you own a flat in Abbey Wood you actually own a long leasehold interest over your property

Abbey Wood property with a lease extension has roughly the same value as a freehold

Leasehold premises in Abbey Wood with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Most mortgage lenders have tightened lending criteria in recent years and borrowers are encountering difficulties in arranging finance or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be unacceptable for lending purposes.

What makes us experts in Abbey Wood lease extensions?

Retaining our service gives you increased control over the value of your Abbey Wood leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Abbey Wood Lease Extension Case Summaries:

John, Abbey Wood, South East London

In 2014 John, started to get near to the 80-year threshold with the lease on his studio apartment in Abbey Wood. Having purchased his home 19 years previously, the lease term was of no bearing. by good luck, he noticed he would soon be paying an inflated amount for Extending the lease. John was able to extend his lease at the eleventh hour last September. John and the freeholder via the managing agents subsequently settled on sum of £5,000 . If the lease had dropped lower than eighty years, the figure would have become more costly by at least £950.

Abbey Wood case:

Last month we were approach by Mr and Mrs. Y Robinson , who took over the lease of a newly refurbished flat in Abbey Wood in November 2007. We are asked if we could estimate the price would likely be to prolong the lease by 90 years. Similar flats in Abbey Wood with a long lease were valued about £295,000. The average amount of ground rent was £45 collected yearly. The lease ran out on 10 April 2101. Taking into account 75 years outstanding we calculated the premium to the freeholder for the lease extension to be within £8,600 and £9,800 exclusive of legals.