Main reasons to start your Bickley lease extension

Main reasons to start your Bickley lease extension today:

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

Unfortunately that a Bickley residential lease is a deteriorating asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the early years due to the loss of value being disguised by increases in the Bickley property market.Once your lease nears 85ish years, you should 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 amount will be payable. The majority of leasehold owners in Bickley will be able to extend under the legislation; however a lawyer should be able to confirm if you are eligibility. In some cases you may not qualify. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your conveyancer throughout the process.

Bickley property with a lease extension is almost the same value as a freehold

Leasehold properties in Bickley with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value 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 merit it.

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

Why use us for your lease extension in Bickley?

Irrespective of whether you are a tenant or a freeholder in Bickley,the lease extension experts that we work with will always be prepared 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:

John, Bickley, South East London,

John owned a conversion flat in Bickley being marketed with a lease of a few days over fifty eight years left. John informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The landlord indicated a willingness to grant an extension taking the lease to 125 years subject to an increased rent to £50 annually. No ground rent would be due on a lease extension were John to invoke his statutory right. John obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Bickley case:

In 2010 we were phoned by Mr and Mrs. U Wright who, having acquired a one bedroom flat in Bickley in August 2007. We are asked if we could approximate the price would likely be to prolong the lease by ninety years. Identical properties in Bickley with an extended lease were in the region of £166,400. The mid-range ground rent payable was £60 invoiced monthly. The lease lapsed on 21 April 2080. Taking into account 54 years as a residual term we calculated the premium to the landlord for the lease extension to be between £32,300 and £37,400 not including legals.