Top reasons for Elmers End lease extension

Top reasons for lease extension now:

Increase your lease and increase your Elmers End property value

It’s a harsh truth that a Elmers End residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is not fully appreciated in the first few years due to the reduction being disguised by increases in the Elmers End property market.Where your lease has approximately 90 years left, you need to start considering a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls lower than eighty years - otherwise a higher premium will be payable. Most leasehold owners in Elmers End will be able to extend under the legislation; however a conveyancer should be able to clarify if you are eligibility. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process is instigated and you will need to be guided by your conveyancer throughout the process.

An extended lease has roughly the same value as a freehold

Leasehold premises in Elmers End with over 100 years outstanding on the lease are sometimes regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and maintenance charges justify it.

Lending institutions may not loan monies with a short lease

What makes us experts in Elmers End lease extensions?

Engaging our service will provide you better control over the value of your Elmers End leasehold, as your property will be more valuable and saleable in terms of lease length should you wish to sell. The conveyancers that we work with have a wealth of experience of handling many hundreds of lease extensions or freehold purchase transactions.

Elmers End Lease Extension Case Studies:

Benjamin, Elmers End, South East London,

Benjamin owned a conversion flat in Elmers End being marketed with a lease of a few days over 61 years unexpired. Benjamin informally spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years on the basis of a new rent to start with set at £200 per annum and doubled every twenty five years thereafter. Ordinarily, ground rent would not be payable on a lease extension were Benjamin to exercise his statutory right. Benjamin obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Elmers End case:

In 2012 we were e-mailed by Mr and Mrs. V David who, having acquired a first floor apartment in Elmers End in October 1995. The dilemma was if we could shed any light on how much (roughly) price would be for a 90 year extension to my lease. Similar flats in Elmers End with 100 year plus lease were valued about £183,600. The mid-range ground rent payable was £65 invoiced every twelve months. The lease terminated in 2083. Given that there were 57 years unexpired we approximated the compensation to the freeholder to extend the lease to be within £28,500 and £33,000 not including fees.