Top reasons for Coombe Warren lease extension

Top reasons for lease extension now:

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

Coombe Warren residential property owned on a long lease is a wasting asset because a leaseholder only owns the property for a period of years.

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

It is conventional wisdom that a residential leasehold with in excess of one hundred years remaining is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the premises will be equivalent in value to a freehold for many years in the future.

Mortgage lenders may decide not to issue a mortgage with a short lease

Banks and Building Societies have specific criteria when lending funds secured on leasehold homes. Some will simply refuse lend at all once an unexpired lease term falls under a specified unexpired lease term. Many Banks and Building Societies will not regard property with an unexpired term of less than seventy years as acceptable security. As well as impacting your ability to sell, it is also relevant if you are seeking to refinance your Coombe Warren property.

Get in touch with one of our Coombe Warren lease extension solicitors or enfranchisement solicitors

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

Coombe Warren Lease Extension Case Summaries:

Madeleine, Coombe Warren, South West London,

Off the back of unsuccessful correspondence with the landlord of her garden flat in Coombe Warren, Madeleine started the lease extension process as the eighty year mark was rapidly coming. The lease extension was finalised in November 2010. The freeholder’s fees were kept to an absolute minimum.

Coombe Warren case:

Last Christmas we were approach by Mr Ibrahim Miller , who acquired a one bedroom apartment in Coombe Warren in April 1998. The dilemma was if we could estimate the compensation to the landlord would be to prolong the lease by 90 years. Similar premises in Coombe Warren with a long lease were worth £227,800. The mid-range ground rent payable was £45 billed yearly. The lease lapsed in 2091. Given that there were 65 years outstanding we estimated the premium to the landlord for the lease extension to be between £13,300 and £15,400 exclusive of professional charges.