Main reasons to commence your Chinatown lease extension

Top reasons for lease extension now:

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

There is no doubt about it a leasehold flat or house in Chinatown is a wasting asset as a result of the diminishing lease term. Where the lease has, in excess of 99 years to run then this decrease may be fractional however there will become a point in time when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase markedly the cost. It is the primary logic behind why you should extend the lease sooner as opposed to later. Many flat owners in Chinatown will qualify for this right; however a conveyancing solicitor can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

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

Leasehold properties in Chinatown with more than 100 years remaining 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 property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders may not grant a mortgage on a short lease

Why use us for your lease extension in Chinatown?

Lease extensions in Chinatown can be a difficult process. We recommend you procure guidance 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 a wealth of experience dealing with Chinatown lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Chinatown Lease Extension Example Cases:

Tyler, Chinatown, London,

Tyler was the the leasehold proprietor of a conversion apartment in Chinatown on the market with a lease of a few days over fifty eight years left. Tyler on an informal basis spoke with his freeholder being a well known local-based freehold company and enquired on a premium to extend the lease. The landlord was prepared to agree an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £150 per annum and doubled every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Tyler to invoke his statutory right. Tyler procured expert legal guidance and secured an acceptable deal without going to tribunal and ending up with a market value flat.

Chinatown case:

Mrs I Turner purchased a studio apartment in Chinatown in October 1998. We are asked if we could shed any light on how much (roughly) compensation to the landlord would be to extend the lease by 90 years. Comparable properties in Chinatown with 100 year plus lease were worth £181,600. The mid-range amount of ground rent was £55 invoiced per annum. The lease elapsed in 2078. Given that there were 52 years remaining we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 not including costs.