Why you should commence your Berrylands lease extension

Main reasons to commence your Berrylands lease extension today:

A Berrylands lease depreciates with the years remaining on the lease.

Berrylands leases on domestic properties are gradually losing value. Where your lease has about 90 years remaining, you should start thinking about a lease extension. If lease term dips under 80 years, you will then be required to pay 50% of the property's 'marriage value' on top of the standard cost of the lease extension to your landlord. Marriage value is the amount of additional value that a lease extension will add to the property. Leasehold owners in Berrylands will mostly be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In certain cases you may not qualify. There are also strict timetables and procedures to follow once the process has started so it’s best to be guided by a conveyancing solicitor during the process.

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

Leasehold properties in Berrylands with over one hundred years remaining on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to lend with a short lease

Banks and building societies are tightening their criteria and a meaningful number now expect flats to have at least sixty if not seventy years left once the mortgage has expired. Given that many flats in Berrylands were created in the 1950s, 1960s and 1970s as a result many now require lease extensions if they if they are to be mortgageable.

Why use us for your lease extension in Berrylands?

Lease extensions in Berrylands can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and surveyor with experience in this area.

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 a wealth of experience dealing with Berrylands lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Berrylands Lease Extension Example Cases:

Caleb, Berrylands, South West London

Two years ago Caleb, came seriously near to the eighty-year mark with the lease on his studio flat in Berrylands. Having bought his home two decades ago, the lease term was of little bearing. by good luck, it dawned on him that he needed to take steps soon on a lease extension. Caleb extended the lease just under the wire in January. Caleb and the landlord in the end agreed on sum of £5,000 . If he had missed the deadline, the sum would have escalated by at least £900.

Berrylands case:

Last Christmas we were called by Mr O Wood , who owned a garden flat in Berrylands in November 1998. The question was if we could estimate the price would likely be to prolong the lease by 90 years. Identical flats in Berrylands with an extended lease were valued about £183,600. The average amount of ground rent was £65 invoiced per annum. The lease ended in 2083. Given that there were 57 years outstanding we estimated the premium to the landlord to extend the lease to be within £28,500 and £33,000 exclusive of professional charges.