Top reasons for Addiscombe lease extension

Why you should start your Addiscombe lease extension today:

Increase your lease and increase your Addiscombe property value

Addiscombe leases on residential properties are gradually decreasing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease becomes more expensive. It is the case that most Addiscombe tenants have the right to extend their lease by an additional ninety years by virtue of the 1993 Leasehold Reform Act. Where you are a leasehold owner in Addiscombe you must check if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you will incur is what is known as a marriage value

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

Leasehold premises in Addiscombe with in excess of 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the freehold unless savings on ground rent and maintenance charges warrant it.

Mortgage lenders may not finance a property on a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by banks has increased. Historically lenders were content with twenty years plus the term of the loan - routinely fifty year leases but those requirements evolved by the requirement for lengthy leases - many use a minimum term of 75 years as standard.

What makes us experts in Addiscombe lease extensions?

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

Addiscombe Lease Extension Case Summaries:

Rhiannon, Addiscombe, South London,

In the wake of eight months of lengthy correspondence with the freeholder of her garden flat in Addiscombe, Rhiannon started the lease extension process just as the lease was nearing the crucial 80-year mark. The lease extension was finalised in March 2015. The freeholder’s charges were negotiated to approximately 700 GBP.

Addiscombe case:

Mr Logan Gunderson bought a ground floor apartment in Addiscombe in April 2005. We are asked if we could approximate the compensation to the landlord could be to extend the lease by 90 years. Similar properties in Addiscombe with 100 year plus lease were worth £255,000. The mid-range ground rent payable was £50 billed per annum. The lease finished in 2097. Considering the 71 years outstanding we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 plus legals.