Top reasons for Denmark Hill lease extension

Main reasons to commence your Denmark Hill lease extension today:

A Denmark Hill lease depreciates with the years remaining on the lease.

The only way is down when it comes to Denmark Hill lease terms. Denmark Hill flats that have a residual term less than than eighty years will drop in market price at a rapid rate, and the cost of extending your lease will go up.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Denmark Hill with in excess of 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges merit it.

Lenders may not lend on a short lease

Lenders are really restricting their approach as regards to homes in Denmark Hill with short leases. For instance you might discover that their lending criteria are stricter and that they adjust interest rates depending on the unexpired lease term. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

Why use us for your lease extension in Denmark Hill?

Irrespective of whether you are a tenant or a freeholder in Denmark Hill,the lease extension lawyers that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Denmark Hill valuers.

Denmark Hill Lease Extension Example Cases:

Alexander, Denmark Hill, South London,

Alexander was the the leasehold proprietor of a 2 bedroom flat in Denmark Hill on the market with a lease of just over 59 years left. Alexander on an informal basis spoke with his freeholder a well known local-based freehold company for a lease extension. The freeholder 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 £100 per annum and increase every twenty five years thereafter. No ground rent would be due on a lease extension were Alexander to exercise his statutory right. Alexander procured expert advice and secured satisfactory resolution without resorting to tribunal and sell the property.

Denmark Hill case:

Mrs Rachel Pérez was assigned a lease of a ground floor flat in Denmark Hill in September 1998. We are asked if we could shed any light on how much (approximately) premium would likely be for a 90 year lease extension. Identical homes in Denmark Hill with an extended lease were valued about £275,000. The average amount of ground rent was £55 billed annually. The lease lapsed on 9 March 2103. Considering the 77 years left we estimated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 plus fees.