Top reasons for Berrylands lease extension

Top reasons for lease extension now:

Increase your lease and increase your Berrylands property value

The re-sale value of a leasehold property in Berrylands depends on how long the lease has left to run. If it is close to or fewer than eighty years you should expect problems on re-sale, so it is advisable to arrange for a lease extension ahead of buying. It is ideal to start the lease extension process when the lease still has 82 years unexpired so that a lease extension can be finalised in advance of the 80 year cut off point. Statute enables Berrylands qualifying lessees to obtain a lease extension of 90 years on top of the remaining lease term at a peppercorn rent (that is, rent free). The intention of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

Leasehold properties in Berrylands with more than 100 years left on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies may decide not to finance a property with a short lease

Most banks have constrained their lending criteria in the last ten years and borrowers are finding it increasingly difficult to raise funding or re-mortgage against flats with shorter lease terms, particularly below 75 years as they are deemed to be insufficient for lending purposes.

What makes us experts in Berrylands lease extensions?

Retaining our service gives 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 decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Berrylands Lease Extension Case Summaries:

Mason, Berrylands, South West London,

Mason was the the leasehold owner of a 2 bedroom apartment in Berrylands being sold with a lease of just over 72 years unexpired. Mason on an informal basis approached his landlord a well known London-based freehold company for a lease extension. The landlord was keen to give an extension on non-statutory terms taking the lease to 125 years on the basis of an increased rent to £125 per annum. No ground rent would be due on a lease extension were Mason to invoke his statutory right. Mason procured expert advice and secured an acceptable deal without resorting to tribunal and readily saleable.

Berrylands case:

Mrs Anna Dupont completed a ground floor apartment in Berrylands in July 2007. The question was if we could shed any light on how much (roughly) compensation to the landlord would likely be to prolong the lease by ninety years. Comparative premises in Berrylands with 100 year plus lease were worth £198,400. The mid-range amount of ground rent was £65 invoiced annually. The lease ran out in 2084. Having 59 years remaining we calculated the premium to the landlord to extend the lease to be within £21,900 and £25,200 not including costs.