Why you should start your Elmers End lease extension

Main reasons to start your Elmers End lease extension today:

A Elmers End lease depreciates with the years remaining on the lease.

When it comes to residential leasehold premises in Elmers End, you are actually buying a right to reside in a property for a set period of time. These days flat leases are usually granted for 99 years or 125. Even though this may appear like a long period of time, you may think about extending the lease sooner rather than later. Accepted thinking is that the shorter the number of years is the cost of extending the lease gets disproportionately more expensive especially once there are less than eighty years left. Leasehold owners in Elmers End with a lease drawing near to 81 years remaining should seriously think of extending it as soon as possible. Once the lease term has fewer than eighty years outstanding, under the relevant legislation the freeholder is entitled to calculate and demand a larger amount, based on a technical multiplication, strangely termed as “marriage value” which is due.

Elmers End property with a lease extension is almost the same value as a freehold

Leasehold residencies in Elmers End with over one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Mortgage lenders may not grant a mortgage on a short lease

Almost all mortgage companies require a lengthy amount of time left on any leasehold property before they will contemplate it as adequate security. Even if you don't need a mortgage, you should be mindful that it is reasonable to assume that someone wanting to buy your property in the future might well do, so where they are unable to obtain a mortgage, then the value of your property will likely suffer. Since 2008 most banks and building societies have increased the required minimum lease length that they are prepared to accept

Why use us for your lease extension in Elmers End?

The conveyancing solicitors that we work with undertake Elmers End lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The conveyancer we work with provide it.

Elmers End Lease Extension Example Cases:

Victoria, Elmers End, South East London,

Trailing lengthy discussions with the landlord of her basement flat in Elmers End, Victoria started the lease extension process just as her lease was coming close to the critical 80-year deadline. The lease extension was concluded in June 2006. The landlord’s fees were kept to an absolute minimum.

Elmers End case:

In 2012 we were contacted by Dr Isabella Watson who, having bought a ground floor apartment in Elmers End in February 2007. The dilemma was if we could estimate the compensation to the landlord would likely be to prolong the lease by 90 years. Comparable residencies in Elmers End with 100 year plus lease were in the region of £261,600. The mid-range ground rent payable was £60 billed every twelve months. The lease ran out in 2078. Having 52 years outstanding we estimated the premium to the landlord for the lease extension to be between £39,000 and £45,000 not including expenses.