Main reasons to commence your Bexleyheath lease extension

Top reasons for lease extension now:

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

It’s an underpublicised certainty that a Bexleyheath 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 deflation being disguised by increases in the Bexleyheath property prices.Where your lease has approximately ninety years left, you need to 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 lower than 80 years - otherwise a higher premium will be payable. The majority of leasehold owners in Bexleyheath will be able to extend under the legislation; however a conveyancer will be able to confirm whether you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancing solicitor from beginning to end of the formalities.

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

Leasehold premises in Bexleyheath with in excess of one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Lenders may decide not to issue a mortgage on a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold homes. Some will simply not lend at all once the remaining lease term goes lower than a certain unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired below seventy years as adequate security. In addition to this being important when selling, it is also relevant where you are intending to refinance your Bexleyheath home.

Why use us for your lease extension in Bexleyheath?

Lease extensions in Bexleyheath can be a difficult process. We recommend you obtain professional help from a conveyancing solicitor and surveyor 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 a wealth of experience dealing with Bexleyheath lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Bexleyheath Lease Extension Case Studies:

Ellen, Bexleyheath, South East London,

Subsequent to lengthy correspondence with the landlord of her one bedroom apartment in Bexleyheath, Ellen started the lease extension process as the eighty year threshold was rapidly nearing. The legal work completed in May 2006. The landlord’s costs were restricted to about 650 GBP.

Bexleyheath case:

In 2009 we were approached by Dr Stanley Brown who, having acquired a first floor apartment in Bexleyheath in May 1997. The question was if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Similar properties in Bexleyheath with a long lease were worth £265,000. The mid-range amount of ground rent was £50 collected annually. The lease ran out on 23 July 2100. Having 74 years outstanding we estimated the compensation to the landlord to extend the lease to be within £9,500 and £11,000 exclusive of legals.