Main reasons to start your Brockley lease extension

Main reasons to commence your Brockley lease extension today:

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

Owning a apartment usually means owning a lease of the property, which has a finite term of years. This lease will normally be granted for a set period of time , usually 99 or 125 years, although we have come across longer and shorter terms in Brockley. Clearly, the period of lease left reduces over time. This is often ignored and only becomes a problem when the residence needs to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to procure a lease extension. Eligible leaseholders in Brockley have the right to extend the lease for an additional 90 years in accordance with legislation. Do give due consideration before putting off your Brockley lease extension. Holding off that expense now only increases the price you will ultimately have to pay to extend your lease

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

It is generally considered that a property with over 100 years remaining is worth roughly the equivalent as a freehold. Where an additional ninety years added to any lease with more than 45 years unexpired, the property will be worth the same as a freehold for many years in the future.

Mortgage lenders may not issue a mortgage on a short lease

Mortgage lenders have set criteria when lending funds secured on leasehold property. Many will simply refuse lend at all once the remaining lease term slips lower than a certain unexpired lease term. Many Lending institutions will not regard property with an unexpired below seventy years as acceptable security. In addition to impacting your ability to sell, it is also relevant where you are seeking to refinance your Brockley property.

Why use us for your lease extension in Brockley?

Lease extensions in Brockley can be a difficult process. We recommend you procure professional help from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Brockley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Brockley Lease Extension Case Studies:

Seth, Brockley, South East London

Last October Seth, started to get near to the 80-year threshold with the lease on his purpose- built apartment in Brockley. In buying his flat twenty years ago, the unexpired term was of little bearing. by good luck, he realised he needed to take steps soon on Extending the lease. Seth was able to extend his lease just under the wire last April. Seth and the landlord who owned the flat above subsequently settled on sum of £5,500 . If the lease had dipped below 80 years, the premium would have escalated by a minimum £1,050.

Brockley case:

Mr and Mrs. C Rogers completed a first floor apartment in Brockley in May 2007. The dilemma was if we could estimate the price would be to prolong the lease by a further 90 years. Identical homes in Brockley with an extended lease were valued around £210,600. The average amount of ground rent was £45 collected monthly. The lease ended in 2087. Having 62 years outstanding we approximated the compensation to the landlord to extend the lease to be between £18,100 and £20,800 exclusive of costs.