Why you should start your Avery Hill lease extension

Main reasons to commence your Avery Hill lease extension today:

Increase your lease and increase your Avery Hill property value

When it comes to domestic leasehold property in Avery Hill, you effectively rent it for a certain amount of time. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners are unconcerned as this seems like a lengthy period of time, you should think about extending the lease sooner rather than later. The general rule is that the shorter the number of years is the cost of extending the lease increases markedly particularly when there are less than 80 years remaining. Residents in Avery Hill with a lease drawing near to 81 years unexpired should seriously think of extending it without delay. Once a lease has under 80 years outstanding, under the relevant legislation the freeholder can calculate and demand a larger amount, assessed on a technical multiplication, known as “marriage value” which is due.

Avery Hill property with a lease extension is almost the same value as a freehold

Leasehold residencies in Avery Hill with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges justify it.

Banks and Building Societies may not loan monies with a short lease

Lending institutions have set criteria when loaning funds charged on leasehold property. Many will simply refuse lend at all once the remaining lease term falls beneath a certain unexpired lease term. Many Mortgage lenders will not regard property with a remaining term of less than 75 years as adequate security. In addition to this being important when selling, it is also relevant if you are seeking to remortgage your Avery Hill property.

What makes us experts in Avery Hill lease extensions?

Retaining our service will provide you enhanced 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 lawyers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Avery Hill Lease Extension Example Cases:

Alisha, Avery Hill, South East London,

After unsuccessful negotiations with the landlord of her basement apartment in Avery Hill, Alisha commenced the lease extension process as the eighty year deadline was rapidly nearing. The transaction completed in March 2013. The freeholder’s charges were kept to an absolute minimum.

Avery Hill case:

Last Winter we were approach by Dr C Morgan , who took over the lease of a ground floor apartment in Avery Hill in October 2002. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by a further 90 years. Identical properties in Avery Hill with a long lease were worth £255,000. The average amount of ground rent was £50 billed quarterly. The lease came to a finish in 2096. Considering the 71 years left we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of costs.