Main reasons to start your Bermondsey lease extension

Main reasons to commence your Bermondsey lease extension today:

Increase your lease and increase your Bermondsey property value

Owning a apartment usually means owning a lease of the property, this is a ‘time-limited’ interest becoming shorter every day. This lease will normally be granted for a prescribed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Bermondsey. Clearly, the period of lease remaining reduces over time. This may pass by relatively unnoticed when the flat or house has to be sold or re-mortgaged. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Qualifying long lease owners in Bermondsey have the legal entitlement to extend the lease for a further ninety years in accordance with legislation. Please give careful consideration before delaying your Bermondsey lease extension. Putting off that expense now only increases the price you will ultimately have to pay to extend your lease

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

Leasehold residencies in Bermondsey with over one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Lending institutions will not loan monies on a short lease

Most mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate lending on it. Even if you don't need a mortgage, you should be aware that it is probable that someone intending to buy your property in the future might well do, so if they can't obtain a mortgage, then the market price of the property could suffer. Since 2008 most mortgage lenders have increased the required minimum lease length that they are prepared to lend on

Why use us for your lease extension in Bermondsey?

Using our service gives you better control over the value of your Bermondsey leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bermondsey Lease Extension Example Cases:

Daisy, Bermondsey, South East London,

Trailing protracted discussions with the landlord of her one bedroom flat in Bermondsey, Daisy started the lease extension process as the eighty year deadline was swiftly nearing. The lease extension completed in November 2008. The freeholder’s charges were kept to an absolute minimum.

Bermondsey case:

Mr and Mrs. M Rodríguez completed a recently refurbished flat in Bermondsey in August 2010. The question was if we could approximate the price would likely be to extend the lease by an additional years. Comparative homes in Bermondsey with a long lease were in the region of £295,000. The mid-range ground rent payable was £50 billed yearly. The lease concluded on 14 September 2101. Taking into account 75 years as a residual term we calculated the premium to the landlord for the lease extension to be within £8,600 and £9,800 exclusive of fees.