Why you should commence your Berrylands lease extension

Main reasons to start your Berrylands lease extension today:

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

Unfortunately that a Berrylands residential lease is a wasting asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the first few years due to the depreciation being disguised by increases in the Berrylands property prices.Where your lease has approximately 90 years left, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls below eighty years - otherwise a higher premium will be payable. The majority of flat owners in Berrylands will be able to extend under the legislation; however a conveyancing solicitor should be able to clarify if you qualify for an extension. In some situations you may not be entitled. There are also strict timetables and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor for the duration of the process.

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

Leasehold residencies in Berrylands with in excess of one hundred years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Lenders may decide not to loan monies with a short lease

Almost all banks and building societies require a lengthy amount of time left on a leasehold property before they will contemplate lending on it. Regardless of whether you require a mortgage, you should bear in mind that it is likely that someone wanting to purchase your property in the future might well do, so if they are unable to get a mortgage, then the value of the property could suffer. In the last decade most mortgage lenders have increased the required minimum lease length that they are willing to lend on

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 get professional help from a conveyancing solicitor 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 Example Cases:

Eli, Berrylands, South West London,

Eli was the the leasehold proprietor of a conversion flat in Berrylands being sold with a lease of a little over 59 years remaining. Eli informally spoke with his landlord being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a rise in the rent to £100 per annum. No ground rent would be due on a lease extension were Eli to invoke his statutory right. Eli obtained expert legal guidance and was able to make an informed judgement and deal with the matter and readily saleable.

Berrylands case:

Last Summer we were phoned by Dr I Kelly , who took over the lease of a one bedroom apartment in Berrylands in September 1998. We are asked if we could estimate the compensation to the landlord could be for a ninety year extension to my lease. Identical homes in Berrylands with an extended lease were in the region of £264,000. The average ground rent payable was £60 collected every twelve months. The lease termination date was in 2079. Considering the 53 years remaining we calculated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 exclusive of professional charges.