Main reasons to start your Avery Hill lease extension

Top reasons for lease extension now:

A Avery Hill leasehold property depreciates with the years remaining on the lease.

Avery Hill leases on residential properties are gradually losing value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. 80 years is a significant number: when the remaining term of a lease falls below this level then you begin incurring an additional element called marriage value. Flat owners in Avery Hill will mostly be legally entitled to a lease extension; however It would be wise to check with a conveyancing solicitor to confirm your eligibility. In some cases you may not qualify. There are also strict deadlines and formalities to comply with once the process has commenced so it’s best to be guided by a conveyancing solicitor during the process.

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 45 years remaining, the premises will be worth the same as a freehold for decades to come.

Lending institutions may decide not to lend with a short lease

Banks and building societies are really restricting their approach as regards to properties in Avery Hill with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or hope for the best at auction thus narrowing your market.

What makes us experts in Avery Hill lease extensions?

Using our service gives you increased control over the value of your Avery Hill leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Avery Hill Lease Extension Case Studies:

Edward, Avery Hill, South East London

Last year Edward, came perilously near to the eighty-year mark with the lease on his purpose- built flat in Avery Hill. Having bought his home two decades ago, the lease term was of no bearing. by good luck, it dawned on him that he needed to take steps soon on Extending the lease. Edward extended the lease at the eleventh hour last April. Edward and the freeholder in the end agreed on an amount of £5,000 . If the lease had descended below 80 years, the premium would have become more exhorbitant by at least £1,100.

Avery Hill case:

In 2011 we were called by Mr and Mrs. H Bailey who, having owned a newly refurbished apartment in Avery Hill in October 2001. We are asked if we could estimate the compensation to the landlord would likely be to prolong the lease by ninety years. Identical residencies in Avery Hill with an extended lease were valued about £166,400. The mid-range amount of ground rent was £60 billed monthly. The lease lapsed in 2080. Taking into account 54 years left we estimated the compensation to the freeholder to extend the lease to be within £32,300 and £37,400 exclusive of legals.