Main reasons to start your Biggin Hill lease extension

Why you should start your Biggin Hill lease extension today:

Increase your lease and increase your Biggin Hill property value

The market value of a leasehold property in Biggin Hill is impacted by how long the lease has left to run. If it is close to or fewer than 80 years you should envisage difficulties on re-sale, so it is advisable to arrange for a lease extension prior to buying. It is preferable to start the process of extending the lease is when the lease still has 82 years to run so that a lease extension can be addressed well before the 80 year mark. Statute entitles Biggin Hill qualifying lessees to acquire a new lease which will be for the balance of the existing lease plus a supplemental term of ninety years. The intention of the valuation is to arrive at an opinion of the amount payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is generally accepted that a property with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to lend with a short lease

Banks and building societies are really clamping down as regards to homes in Biggin Hill with short leases. For instance you may find that their lending requirements are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so if you wanted to sell, your remaining options would be to find a cash buyer, or try your luck at auction thus restricting the number of potential purchasers.

What makes us experts in Biggin Hill lease extensions?

Regardless of whether you are a tenant or a landlord in Biggin Hill,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Biggin Hill valuers.

Biggin Hill Lease Extension Example Cases:

Alice, Biggin Hill, Kent,

Following protracted negotiations with the freeholder of her purpose-built apartment in Biggin Hill, Alice initiated the lease extension process just as the lease was coming close to the all-important eighty-year deadline. The lease extension was finalised in August 2011. The freeholder’s costs were negotiated to below 450 pounds.

Biggin Hill case:

Last Autumn we were phoned by Mr and Mrs. G Richardson , who was assigned a lease of a first floor flat in Biggin Hill in March 2009. We are asked if we could estimate the premium would be to extend the lease by an additional years. Comparative flats in Biggin Hill with an extended lease were worth £205,000. The average amount of ground rent was £50 collected quarterly. The lease ended on 12 April 2104. Considering the 78 years as a residual term we calculated the compensation to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of expenses.