Why you should start your Brockley lease extension

Main reasons to commence your Brockley lease extension today:

Increase your lease and increase your Brockley property value

Brockley residential property owned on a long lease is a depreciating asset as the leaseholder only owns the property for a period of years.

An extended lease is almost the same value as a freehold

Leasehold properties in Brockley with over 100 years unexpired on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and maintenance charges justify it.

Mortgage lenders may not loan monies on a short lease

The definition of a short lease depends on the specific mortgage company, yet banks and building societies start to become jittery at around 75 years. This will cause difficulties once you wish to market or refinance your flat as it will be effectively unmortgageable. You may have no imminent plan to sell but when you do your buyer must hold off for a couple of years before being able to exercise the right to a an extension to the lease.

What makes us experts in Brockley lease extensions?

Engaging our service gives you increased control over the value of your Brockley leasehold, as your property will be more valuable and saleable in relation to the lease length should you want to sell. The conveyancers that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Brockley Lease Extension Case Studies:

Jessica, Brockley, South East London,

Off the back of protracted correspondence with the landlord of her purpose-built apartment in Brockley, Jessica commenced the lease extension process as the eighty year mark was rapidly approaching. The transaction was finalised in July 2006. The landlord’s charges were kept to an absolute minimum.

Brockley case:

Last month we were e-mailed by Dr Jodie Kelly , who took over the lease of a one bedroom flat in Brockley in November 2004. We are asked if we could estimate the price would be to extend the lease by 90 years. Similar flats in Brockley with a long lease were valued around £242,600. The average amount of ground rent was £45 billed every twelve months. The lease came to a finish in 2093. Considering the 67 years remaining we estimated the compensation to the landlord to extend the lease to be within £11,400 and £13,200 exclusive of fees.