Top reasons for Denmark Hill lease extension

Why you should start your Denmark Hill lease extension today:

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

Denmark Hill leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease gets more expensive. Legislation has been in place for sometime now which permits qualifying Denmark Hill residential leaseholders to extend the terms of long leases. If you are a leasehold owner in Denmark Hill you should investigate if your lease has between seventy and ninety years left. In particular once the remaining lease term slips under eighty years, the cost of any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

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

It is conventional wisdom that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the property will be worth the same as a freehold for many years in the future.

Lending institutions will not issue a mortgage with a short lease

Nearly all mortgage companies require a lengthy amount of time left on a leasehold residence before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should bear in mind that it is probable that someone intending to purchase your property in the future might well do, so if they can't get a mortgage, then the financial worth of the property could be adversely impacted. Since 2008 many mortgage lenders have increased the required minimum lease length that they are willing to grant a mortgage on

Why use us for your lease extension in Denmark Hill?

Using our service will provide you better control over the value of your Denmark Hill leasehold, as your property will be more valuable and saleable in respect of lease length should you want to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Denmark Hill Lease Extension Example Cases:

Sebastian, Denmark Hill, South London,

Sebastian owned a 2 bedroom apartment in Denmark Hill on the market with a lease of just over sixty years outstanding. Sebastian informally approached his freeholder a well known London-based freehold company and enquired on a premium to extend the lease. The landlord was keen to grant an extension on non-statutory terms taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. Ordinarily, ground rent would not be due on a lease extension were Sebastian to invoke his statutory right. Sebastian obtained expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Denmark Hill case:

In 2013 we were contacted by Mr and Mrs. D King who, having completed a newly refurbished flat in Denmark Hill in July 2003. The question was if we could shed any light on how much (roughly) premium would be to prolong the lease by ninety years. Identical properties in Denmark Hill with 100 year plus lease were valued about £186,000. The average amount of ground rent was £65 invoiced monthly. The lease came to a finish on 3 June 2084. Given that there were 58 years remaining we estimated the compensation to the freeholder to extend the lease to be between £24,700 and £28,600 plus legals.