Main reasons to start your Bickley lease extension

Main reasons to commence your Bickley lease extension today:

Increase your lease and increase your Bickley property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. This lease will ordinarily be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Bickley. Clearly, the period of lease remaining reduces over time. This is often overlooked and only becomes a problem when the flat or house needs to be disposed of or re-mortgaged. The fewer the years remaining the less it is worth and the more it will cost to extend the lease. Qualifying long lease owners in Bickley have the legal entitlement to extend the lease for an additional 90 years in accordance with Leasehold Reform legislation. You should give careful deliberation before delaying your Bickley lease extension. Putting off the cost now likely increases the price you will ultimately have to pay to extend your lease

An extended lease is almost the same value as a freehold

Leasehold residencies in Bickley 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 situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Banks and Building Societies may not lend with a short lease

Lending institutions have set criteria when loaning monies charged on leasehold homes. Some will simply refuse lend at all once the remaining lease term goes below a certain unexpired lease term. Many Banks and Building Societies will not consider property with an unexpired below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are intending to refinance your Bickley home.

Get in touch with one of our Bickley lease extension solicitors or enfranchisement solicitors

The conveyancing solicitors that we work with procure Bickley lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Bickley Lease Extension Example Cases:

Abbie, Bickley, South East London,

Trailing unsuccessful negotiations with the freeholder of her first floor flat in Bickley, Abbie initiated the lease extension process just as her lease was approaching the crucial eighty-year threshold. The lease extension was finalised in January 2007. The landlord’s fees were kept to an absolute minimum.

Bickley case:

Last Summer we were e-mailed by Ms R Anderson , who completed a one bedroom apartment in Bickley in June 1995. We are asked if we could estimate the price would be for a 90 year lease extension. Identical flats in Bickley with 100 year plus lease were in the region of £210,600. The average ground rent payable was £45 billed quarterly. The lease elapsed on 12 November 2088. Taking into account 62 years unexpired we calculated the premium to the landlord to extend the lease to be within £18,100 and £20,800 plus fees.