Main reasons to start your Blackwall lease extension

Main reasons to start your Blackwall lease extension today:

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

Blackwall leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Blackwall residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Blackwall you would be well advised to investigate if your lease has between 70 and ninety years remaining. In particular once the remaining lease term slips under eighty years, the cost of any lease extension sharply increases as part of the premium you pay is what is known as a marriage value

An extended lease has roughly the same value as a freehold

It is generally accepted that a residential leasehold with more than one hundred years unexpired lease term is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for decades to come.

Lenders may not loan monies with a short lease

Mortgage companies are making their criteria more stringent and many now expect flats to have a minimum of 60 if not 70 years remaining at the end of the mortgage. Considering a number of flats in Blackwall were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to get a mortgage.

Why use us for your lease extension in Blackwall?

Engaging our service gives you better control over the value of your Blackwall leasehold, as your property will be more valuable and marketable in respect of lease length should you decide to sell. The lawyers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Blackwall Lease Extension Example Cases:

Mia, Blackwall, London,

Following lengthy discussions with the landlord of her two bedroom flat in Blackwall, Mia commenced the lease extension process as the 80 year threshold was rapidly nearing. The legal work completed in January 2015. The freeholder’s charges were restricted to less than 550 GBP.

Blackwall case:

In 2009 we were e-mailed by Mr and Mrs. T Edwards who, having was assigned a lease of a first floor flat in Blackwall in September 2004. The dilemma was if we could shed any light on how much (roughly) premium could be to prolong the lease by ninety years. Comparable homes in Blackwall with a long lease were in the region of £198,400. The average ground rent payable was £65 invoiced yearly. The lease lapsed on 15 February 2085. Given that there were 59 years left we calculated the premium to the freeholder to extend the lease to be between £21,900 and £25,200 exclusive of legals.