Why you should commence your Coombe Warren lease extension

Top reasons for lease extension now:

A Coombe Warren leasehold property depreciates with the years remaining on the lease.

The closer a residential lease in Coombe Warren nears to zero years unexpired, the the greater the reduction in the value of the property. If the lease has, beyond 99 years remaining then this decrease may be fractional however there will become a point in time when a lease has fewer than eighty years unexpired as part of the premium you will incur is what is known as a marriage value. This could increase markedly the cost. It is the primary reason why you should extend the lease sooner rather than later. Many flat owners in Coombe Warren will meet the qualifying criteria; nevertheless a lawyer will be able to advise if you qualify to extend your lease. In limited situations you may not qualify, the most common reason being that you have owned the property for less than two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to any lease with more than 35 years left, the residence will be worth the same as a freehold for many years in the future.

Lenders will not lend with a short lease

Mortgage lenders have specific criteria when lending monies secured on leasehold property. Some will simply refrain from lending at all once the remaining lease term drops below a specified unexpired lease term. Many Mortgage lenders will not regard property with an unexpired term of less than seventy years as adequate security. As well as impacting your ability to sell, it is also relevant where you are intending to refinance your Coombe Warren home.

Why use us for your lease extension in Coombe Warren?

Retaining our service gives you better control over the value of your Coombe Warren leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide 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.

Coombe Warren Lease Extension Example Cases:

Chantelle, Coombe Warren, South West London,

Following unsuccessful discussions with the landlord of her one bedroom apartment in Coombe Warren, Chantelle commenced the lease extension process as the 80 year mark was fast advancing. The legal work was finalised in March 2015. The freeholder’s fees were negotiated to approximately 650 GBP.

Coombe Warren case:

Last Spring we were approach by Mr Ibrahim Sharif , who completed a ground floor flat in Coombe Warren in November 2000. The question was if we could shed any light on how much (roughly) price would likely be for a ninety year lease extension. Comparative properties in Coombe Warren with an extended lease were in the region of £264,000. The average ground rent payable was £60 collected yearly. The lease expiry date was in 2079. Considering the 53 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £37,100 and £42,800 exclusive of legals.