Main reasons to commence your Bickley lease extension

Main reasons to start your Bickley lease extension today:

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

As the the remaining lease term of a Bickley residential lease decreases so does its value and therefore the value of your property. Where the lease has, in excess of 100 years remaining then this decrease may be fractional however there will become a point in time when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease sooner as opposed to later. Many flat owners in Bickley will meet the qualifying criteria; however a lawyer can advise whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for many years ahead.

Lending institutions may not lend with a short lease

Why use us for your lease extension in Bickley?

Regardless of whether you are a tenant or a freeholder in Bickley,the lease extension solicitors that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Bickley valuers.

Bickley Lease Extension Example Cases:

Gabriel, Bickley, South East London,

Gabriel owned a studio apartment in Bickley on the market with a lease of a few days over sixty years outstanding. Gabriel informally spoke with his landlord a well known local-based freehold company for a lease extension. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £200 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Gabriel to exercise his statutory right. Gabriel procured expert legal guidance and secured satisfactory resolution without going to tribunal and sell the property.

Bickley case:

Last month we were phoned by Mr Owen Harris , who moved into a ground floor apartment in Bickley in November 1999. We are asked if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar premises in Bickley with a long lease were valued around £265,000. The average amount of ground rent was £50 billed yearly. The lease ran out on 10 July 2100. Taking into account 74 years as a residual term we calculated the compensation to the freeholder to extend the lease to be within £9,500 and £11,000 exclusive of legals.