Why you should commence your Elmers End lease extension

Main reasons to start your Elmers End lease extension today:

Increase your lease and increase your Elmers End property value

Unfortunately that a Elmers End residential lease is a deteriorating asset. The lease value drops in proportion to its lease length. The extent of this is taken for granted in the first few years due to the deflation being disguised by increases in the Elmers End property market.Where your lease has approximately ninety years left, you should start thinking about 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 dips under eighty years - otherwise a higher premium will be due. The majority of leasehold owners in Elmers End will be able to extend under the legislation; however a lawyer should be able to confirm whether you are eligibility. In some cases you may not qualify. There are also strict timetables and procedures to follow once the process has commenced and you will need to be guided by your conveyancer throughout the formalities.

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

It is generally considered that a property with more than 100 years remaining is worth roughly the same as a freehold. Where an additional ninety years added to all but the shortest lease, the premises will be worth the same as a freehold for decades to come.

Lenders will not finance a property on a short lease

Mortgage companies are tightening their criteria and a meaningful number now expect flats to have a minimum of 60 if not 70 years left at the expiry of the mortgage. Given that plenty of flats in Elmers End were created in the fifties, sixties and seventies as a result many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Elmers End lease extensions?

Regardless of whether you are a tenant or a landlord in Elmers End,the lease extension solicitors that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Elmers End valuers.

Elmers End Lease Extension Example Cases:

Jackson, Elmers End, South East London

Last year Jackson, came precariously near to the 80-year mark with the lease on his purpose- built apartment in Elmers End. In buying his flat two decades ago, the unexpired term was of no bearing. by good luck, he recognised he needed to take action soon on a lease extension. Jackson arranged for a lease extension just ahead of time in May. Jackson and the freeholder via the management company subsequently settled on the final figure of £5,500 . If the lease had gone below 80 years, the sum would have escalated by a minimum £1,000.

Elmers End case:

Mr and Mrs. B Khan completed a garden flat in Elmers End in May 1995. The question was if we could estimate the price would likely be for a ninety year extension to my lease. Identical flats in Elmers End with an extended lease were in the region of £270,000. The mid-range ground rent payable was £55 collected monthly. The lease expired in 2101. Having 75 years remaining we estimated the premium to the freeholder for the lease extension to be within £9,500 and £11,000 exclusive of expenses.