Why you should commence your Biggin Hill lease extension

Main reasons to commence your Biggin Hill lease extension today:

A Biggin Hill lease depreciates with the years remaining on the lease.

It’s an underpublicised certainty that a Biggin Hill residential lease is a deteriorating asset. As the lease term diminishes so does the value of the property. The extent of this is not fully appreciated in the first few years due to the depreciation being disguised by increases in the Biggin Hill property prices.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 slips under eighty years - otherwise a higher premium will be due. Most flat owners in Biggin Hill will be able to extend under the legislation; however a conveyancer should be able to clarify whether you are eligibility. In some cases you may not be entitled. There are also strict timeframes and procedures to follow once the process is instigated and you will need to be guided by your lawyer from beginning to end of the process.

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

It is generally considered that a residential leasehold with in excess of 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be equivalent in value to a freehold for decades to come.

Lending institutions may decide not to lend on a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold property. Some will simply not lend at all once an unexpired lease term goes below a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than 75 years as acceptable security. As well as this being important when selling, it is also relevant where you are intending to refinance your Biggin Hill home.

Why use us for your lease extension in Biggin Hill?

Regardless of whether you are a tenant or a freeholder in Biggin Hill,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 Biggin Hill valuers.

Biggin Hill Lease Extension Case Summaries:

Amber, Biggin Hill, Kent,

Off the back of protracted correspondence with the freeholder of her one bedroom apartment in Biggin Hill, Amber commenced the lease extension process just as the lease was approaching the critical eighty-year mark. The lease extension was concluded in March 2011. The landlord’s fees were kept to an absolute minimum.

Biggin Hill case:

Ms Katherine Bonnet was assigned a lease of a garden flat in Biggin Hill in May 2000. The dilemma was if we could approximate the premium would be to extend the lease by a further 90 years. Comparative residencies in Biggin Hill with an extended lease were in the region of £280,000. The mid-range ground rent payable was £45 collected every twelve months. The lease terminated in 2096. Having 70 years as a residual term we approximated the premium to the landlord for the lease extension to be within £12,400 and £14,200 plus professional charges.