Main reasons to commence your Blackfen lease extension

Why you should commence your Blackfen lease extension today:

Increase your lease and increase your Blackfen property value

The value of Blackfen leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of extending the lease can escalate significantly once the unexpired lease term is below than 80 years

Blackfen property with a lease extension has roughly the same value as a freehold

Leasehold residencies in Blackfen with in excess of one hundred years remaining on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders may not finance a property with a short lease

Banks and building societies do not like short residential leases. You are likely to experience difficulties where you need to sell your flat in Blackfen if the unexpired term of your lease is under the criteria set by most banks and building societies. Different mortgage companies have varying requirements but in the main they are looking for a minimum remaining lease term of seventy years.

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

Engaging our service gives you increased control over the value of your Blackfen leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Blackfen Lease Extension Case Summaries:

Kian, Blackfen, South East London

Last Spring Kian, came perilously near to the 80-year threshold with the lease on his one bedroom apartment in Blackfen. Having purchased his home two decades ago, the length of the lease was of little interest. Luckily, he realised he needed to take action soon on a lease extension. Kian was able to extend his lease just ahead of time in March. Kian and the landlord who owned the flat above in the end settled on a premium of £5,500 . If the lease had gone lower than 80 years, the figure would have increased by a minimum £1,150.

Blackfen case:

Last Autumn we were phoned by Dr S Díaz , who moved into a ground floor apartment in Blackfen in September 2007. The question was if we could shed any light on how much (approximately) compensation to the landlord could be to prolong the lease by 90 years. Identical premises in Blackfen with 100 year plus lease were worth £261,600. The mid-range ground rent payable was £60 invoiced monthly. The lease ended in 2077. Considering the 52 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £39,000 and £45,000 exclusive of costs.