Why you should start your Downham lease extension

Main reasons to commence your Downham lease extension today:

Increase your lease and increase your Downham property value

The nearer a residential lease in Downham nears to zero years unexpired, the more it reduces the value of the property. Where the lease has, in excess of 100 years remaining then this decrease may be of little impact nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main reason why you should extend the lease without delay. The majority of flat owners in Downham will qualify for this right; nevertheless a conveyancer can confirm whether you qualify to extend your lease. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

Downham property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 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.

Lending institutions may decide not to issue a mortgage on a short lease

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

Engaging our service gives you better control over the value of your Downham leasehold, as your property will be more valuable and marketable in relation to the lease length should you decide to sell. The lawyers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Downham Lease Extension Example Cases:

Liam, Downham, Kent,

Liam owned a 2 bedroom flat in Downham being marketed with a lease of a little over 72 years left. Liam informally contacted his freeholder being a well known Manchester-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and doubled every twenty five years thereafter. No ground rent would be payable on a lease extension were Liam to exercise his statutory right. Liam obtained expert legal guidance and secured an acceptable deal without resorting to tribunal and readily saleable.

Downham case:

Last Summer we were phoned by Dr Omar García , who owned a one bedroom flat in Downham in June 2000. We are asked if we could approximate the premium could be for a 90 year lease extension. Comparable residencies in Downham with an extended lease were worth £225,800. The mid-range amount of ground rent was £60 billed monthly. The lease finished in 2086. Taking into account 60 years unexpired we approximated the premium to the landlord for the lease extension to be within £23,800 and £27,400 not including professional charges.