Top reasons for Bexleyheath lease extension

Why you should commence your Bexleyheath lease extension today:

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

The value of Bexleyheath 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 less than 80 years

An extended lease has roughly the same value as a freehold

Leasehold residencies in Bexleyheath with over one hundred 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 to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

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

Banks and building societies do not like short residential leases. You most probably encounter difficulties where you want to sell your flat in Bexleyheath if the remaining lease term is under the criteria set by most banks and building societies. Different lenders have different requirements but generally theyrequire an unexpired term of at least 65 years.

What makes us experts in Bexleyheath lease extensions?

Retaining our service gives you increased control over the value of your Bexleyheath leasehold, as your property will be more valuable and marketable in terms of lease length should you decide 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.

Bexleyheath Lease Extension Case Studies:

Jasper, Bexleyheath, South East London,

Jasper was the the leasehold proprietor of a high value flat in Bexleyheath being sold with a lease of just over fifty eight years outstanding. Jasper on an informal basis contacted his landlord being a well known local-based freehold company for a lease extension. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent to start with set at £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Jasper to invoke his statutory right. Jasper procured expert advice and secured satisfactory deal without going to tribunal and readily saleable.

Bexleyheath case:

Mr Jonathan Bailey bought a ground floor flat in Bexleyheath in July 1997. We are asked if we could approximate the price would be to prolong the lease by an additional years. Comparative flats in Bexleyheath with 100 year plus lease were valued around £225,400. The average amount of ground rent was £45 invoiced annually. The lease end date was on 14 January 2090. Considering the 64 years remaining we estimated the compensation to the freeholder to extend the lease to be between £16,200 and £18,600 plus expenses.