Top reasons for Bermondsey lease extension

Why you should start your Bermondsey lease extension today:

Increase your lease and increase your Bermondsey property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will usually be granted for a set period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Bermondsey. Inevitably, the length of lease left shortens over time. This may pass by relatively unnoticed when the property has to be disposed of or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Bermondsey have the right to extend the lease for an additional ninety years under statute. Do give due deliberation before delaying your Bermondsey lease extension. Putting off the cost now only increases the price you will eventually have to pay to extend your lease

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

It is generally accepted that a property with more than one hundred years remaining is worth roughly the same as a freehold. Where an additional 90 years added to all but the shortest lease, the premises will be worth the same as a freehold for many years in the future.

Mortgage lenders may not loan monies on a short lease

Lenders do not like short residential leases. You are likely to experience problems if you want to sell your flat in Bermondsey if the unexpired term of your lease is less than the criteria set by the majority of lenders. Different lenders have varying requirements but generally they are looking for a minimum remaining lease term of seventy years.

Why use us for your lease extension in Bermondsey?

Lease extensions in Bermondsey can be a difficult process. We recommend you secure guidance from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Bermondsey lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bermondsey Lease Extension Example Cases:

Jake, Bermondsey, South East London

Last Winter Jake, started to get close to the eighty-year mark with the lease on his ground floor apartment in Bermondsey. Having bought his flat two decades ago, the length of the lease was of no significance. Fortunately, he realised he needed to take steps soon on Extending the lease. Jake arranged for a lease extension at the eleventh hour last March. Jake and the landlord who owned the flat above in the end settled on sum of £5,500 . If he had missed the deadline, the price would have become more costly by at least £975.

Bermondsey case:

Dr F Baker took over the lease of a first floor flat in Bermondsey in March 2007. The question was if we could approximate the price could be to extend the lease by 90 years. Identical homes in Bermondsey with an extended lease were valued about £285,000. The mid-range ground rent payable was £45 collected every twelve months. The lease came to a finish on 28 September 2097. Considering the 71 years left we calculated the premium to the landlord for the lease extension to be within £12,400 and £14,200 not including costs.