Why you should start your Bexleyheath lease extension

Main reasons to commence your Bexleyheath lease extension today:

Increase your lease and increase your Bexleyheath property value

Unfortunately that a Bexleyheath residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is taken for granted in the early years due to the deflation being disguised by increases in the Bexleyheath property prices.Once your lease gets to 85ish years, you need to start considering 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 slips lower than eighty years - otherwise a higher amount will be due. The majority of flat owners in Bexleyheath will be able to extend under the legislation; however a conveyancer will be able to confirm if you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process has commenced and you will need to be guided by your conveyancing solicitor from beginning to end of the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Bexleyheath with in excess of 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 property. In such circumstances there is often little upside in buying the reversionary interest unless savings on ground rent and estate charges merit it.

Banks and Building Societies will not finance a property on a short lease

Mortgage companies are making their criteria more stringent and a meaningful number now expect flats to have at least sixty if not seventy years remaining at the end of the mortgage. Considering many flats in Bexleyheath were built in the 1950s, 1960s and 1970s this means many now need to be extended if they if they are to be mortgageable.

Why use us for your lease extension in Bexleyheath?

Engaging our service will provide you enhanced control over the value of your Bexleyheath leasehold, as your property will be more valuable and marketable in terms of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Bexleyheath Lease Extension Example Cases:

William, Bexleyheath, South East London

During the course of the last few months William, started to get close to the eighty-year threshold with the lease on his one bedroom apartment in Bexleyheath. In buying his property two decades ago, the length of the lease was of no concern. by good luck, he recognised he would soon be paying an inflated amount for Extending the lease. William was able to extend his lease just under the wire in April. William and the landlord who owned the flat above eventually settled on the final figure of £5,500 . If the lease had fallen to less than eighty years, the figure would have escalated by at least £1,150.

Bexleyheath case:

Last Autumn we were approach by Mrs Emma Cook , who took over the lease of a recently refurbished flat in Bexleyheath in March 2010. We are asked if we could shed any light on how much (approximately) compensation to the landlord would be to prolong the lease by ninety years. Similar residencies in Bexleyheath with a long lease were valued around £193,400. The average ground rent payable was £65 invoiced per annum. The lease concluded in 2085. Having 59 years left we approximated the compensation to the freeholder for the lease extension to be within £21,900 and £25,200 not including fees.