Main reasons to commence your De Beauvoir Town lease extension

Top reasons for lease extension now:

Increase your lease and increase your De Beauvoir Town property value

The market value of a leasehold property in De Beauvoir Town is impacted by how long the lease has remaining. If it is near to or fewer than eighty years you should expect problems on re-sale, so it is advisable to arrange for the lease to be extended before buying. It is ideal to start the lease extension process when a lease still has 82 years remaining so that a lease extension can be addressed ahead of the eighty year mark. Leasehold Reform legislation entitles De Beauvoir Town qualifying lessees to obtain a lease extension of ninety years in addition to the remaining length of the lease at a peppercorn rent (that is, rent free). The purpose of the valuation is to arrive at an opinion of the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

An extended lease is almost the same value as a freehold

It is generally considered that a property with in excess of one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the property will be worth the same as a freehold for many years in the future.

Banks and Building Societies may decide not to lend on a short lease

The definition of a short lease depends on the specific mortgage company, yet lending institutions start to get concerned at around 75 years. This will cause difficulties as and when you wish to dispose of or refinance your flat as it will be effectively unmortgageable. You may have no immediate intention to sell but when you do your buyer will have to wait a couple of years before being able to initiate the legal procedures for a lease extension.

What makes us experts in De Beauvoir Town lease extensions?

Regardless of whether you are a tenant or a landlord in De Beauvoir Town,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with De Beauvoir Town valuers.

De Beauvoir Town Lease Extension Example Cases:

Ashleigh, De Beauvoir Town, London,

After unsuccessful discussions with the landlord of her basement apartment in De Beauvoir Town, Ashleigh commenced the lease extension process as the 80 year deadline was fast advancing. The transaction was concluded in February 2007. The freeholder’s costs were kept to an absolute minimum.

De Beauvoir Town case:

In 2010 we were e-mailed by Mr Charlie Martínez who, having purchased a purpose-built apartment in De Beauvoir Town in April 2004. We are asked if we could estimate the premium would likely be to prolong the lease by an additional years. Comparative properties in De Beauvoir Town with a long lease were worth £225,400. The mid-range ground rent payable was £45 billed annually. The lease concluded on 15 April 2090. Considering the 64 years as a residual term we approximated the premium to the freeholder for the lease extension to be within £15,200 and £17,600 plus legals.