Why you should commence your Berrylands lease extension

Main reasons to commence your Berrylands lease extension today:

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

The nearer a domestic lease in Berrylands gets to zero years unexpired, the more it reduces the value of the property. Where the residual term has, beyond 100 years to run then this decrease may be of little impact nevertheless there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease sooner rather than later. The majority of flat owners in Berrylands will meet the qualifying criteria; that being said a conveyancer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have owned the property for less than two years.

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

Leasehold properties in Berrylands with over 100 years left on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not finance a property on a short lease

Most banks have tightened lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against property with shorter lease terms, particularly below 75 years as they are regarded as unacceptable for lending purposes.

Get in touch with one of our Berrylands lease extension solicitors or enfranchisement solicitors

Lease extensions in Berrylands can be a difficult process. We recommend you procure professional help from a lawyer and valuer well versed in the legislation and lease extension process.

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 procuring 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 Case Studies:

Chloe, Berrylands, South West London,

Following unsuccessful correspondence with the landlord of her basement flat in Berrylands, Chloe commenced the lease extension process as the eighty year threshold was fast coming. The legal work completed in July 2013. The freeholder’s fees were kept to an absolute minimum.

Berrylands case:

Mr and Mrs. R Clarke took over the lease of a one bedroom flat in Berrylands in March 2011. We are asked if we could estimate the price would be for a ninety year extension to my lease. Identical residencies in Berrylands with an extended lease were valued around £232,800. The average amount of ground rent was £45 collected every twelve months. The lease expiry date was on 16 August 2091. Considering the 65 years unexpired we calculated the compensation to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of expenses.