Why you should commence your Berrylands lease extension

Why you should commence your Berrylands lease extension today:

Increase your lease and increase your Berrylands property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a fixed period of time , ordinarily 99 or 125 years, although we have come across longer and shorter terms in Berrylands. Clearly, the term of lease remaining reduces as time goes by. This may slip by relatively unnoticed when the property has to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to procure a lease extension. Eligible long lease owners in Berrylands have the right to extend the lease for a further ninety years under statute. Please give careful attention before putting off your Berrylands lease extension. Holding off the cost now simply increases the price you will eventually incur for a lease extension

An extended lease has roughly the same value as a freehold

It is generally accepted that a property with over 100 years remaining is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 35 years unexpired, the premises will be worth the same as a freehold for many years ahead.

Mortgage lenders may decide not to finance a property on a short lease

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

Retaining our service will provide you enhanced control over the value of your Berrylands leasehold, as your property will be more valuable and marketable in terms of lease length should you wish to sell. The conveyancing solicitors that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Berrylands Lease Extension Case Summaries:

Ali, Berrylands, South West London

Last year Ali, started to get near to the eighty-year threshold with the lease on his garden apartment in Berrylands. Having bought his property 19 years previously, the unexpired term was of little bearing. Fortunately, it dawned on him that he needed to take steps soon on Extending the lease. Ali arranged for a lease extension at the eleventh hour last April. Ali and the landlord who owned the flat above in the end agreed on a premium of £6,000 . If the lease had fallen lower than eighty years, the price would have escalated by at least £875.

Berrylands case:

Mr and Mrs. H Collins bought a basement apartment in Berrylands in October 2000. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Comparative premises in Berrylands with an extended lease were valued about £208,200. The average amount of ground rent was £65 billed every twelve months. The lease ended in 2087. Considering the 61 years as a residual term we estimated the premium to the freeholder for the lease extension to be within £20,000 and £23,000 not including professional charges.