Main reasons to commence your Berrylands lease extension

Top reasons for lease extension now:

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

The value of Berrylands leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can escalate significantly once the unexpired lease term is below than 80 years

An extended lease has roughly the same value as a freehold

It is generally considered that a residential leasehold with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional ninety years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies may not loan monies on a short lease

The trend since the credit crunch has been for mortgage companies to tighten lending requirements across the board - this has extended to the property over which the mortgage is to be granted. This has resulted in the unexpired lease term required by banks has increased. In the past banks would lend on a lease with twenty years plus the term of the loan - routinely 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many use a minimum term of 75 years as a prerequisite.

What makes us experts in Berrylands lease extensions?

Lease extensions in Berrylands can be a difficult process. We recommend you obtain 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 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:

Reuben, Berrylands, South West London

Last October Reuben, came critically near to the 80-year threshold with the lease on his first floor flat in Berrylands. Having bought his home twenty years ago, the lease term was of minimal interest. by good luck, he became aware that he needed to take steps soon on Extending the lease. Reuben arranged for a lease extension just ahead of time last May. Reuben and the freeholder subsequently agreed on sum of £5,500 . If he not met the deadline, the price would have become more exhorbitant by at least £1,000.

Berrylands case:

In 2012 we were approached by Mr and Mrs. I Rodríguez who, having took over the lease of a garden flat in Berrylands in August 2012. The dilemma was if we could estimate the premium could be for a ninety year extension to my lease. Similar homes in Berrylands with an extended lease were in the region of £173,800. The average ground rent payable was £65 collected yearly. The lease ended in 2080. Considering the 55 years outstanding we calculated the premium to the freeholder to extend the lease to be within £31,400 and £36,200 exclusive of fees.