Top reasons for Blackfen lease extension

Main reasons to commence your Blackfen lease extension today:

A Blackfen leasehold property depreciates with the years remaining on the lease.

Blackfen leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease becomes more expensive. The majority of owners of residential leasehold property in Blackfen enjoy rights under legislation to extend the terms of their leases. Where you are a leasehold owner in Blackfen you would be well advised to check if your lease has between 70 and 90 years left. There are compelling reasons why a Blackfen leaseholder with a lease having around 80 years remaining should take action to ensure that a lease extension is put in place without delay

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

It is generally considered that a property with over one hundred years remaining is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lenders will not finance a property on a short lease

The definition of a short lease depends on the specific mortgage company, yet mortgage lenders start to become jittery at around 75 years. This may be problematic when you come to sell or refinance your property as it will be practically unmortgageable. You may not have an imminent desire to sell but when you do your buyer will have to wait two years before they can exercise the right to a an extension to the lease.

What makes us experts in Blackfen lease extensions?

Using our service will provide you better 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 wish 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 Example Cases:

Jasmine, Blackfen, South East London,

After lengthy discussions with the freeholder of her ground floor apartment in Blackfen, Jasmine commenced the lease extension process just as the lease was coming close to the all-important 80-year threshold. The transaction completed in March 2009. The landlord’s charges were kept to an absolute minimum.

Blackfen case:

Mr and Mrs. U Patel was assigned a lease of a one bedroom apartment in Blackfen in January 1995. The question was if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable flats in Blackfen with an extended lease were in the region of £208,200. The average amount of ground rent was £65 billed quarterly. The lease elapsed in 2087. Having 61 years remaining we calculated the premium to the landlord to extend the lease to be between £20,000 and £23,000 not including costs.