Top reasons for Falconwood lease extension

Why you should commence your Falconwood lease extension today:

A Falconwood lease depreciates with the years remaining on the lease.

Falconwood leases on residential deteriorating in value. if your lease has approximately 90 years remaining, you should start thinking about a lease extension. An important point to note is that it is desirable for a lease extension to be in place before the term of the existing lease falls lower than eighty years - otherwise a higher amount will be due. Leasehold owners in Falconwood will usually be legally entitled to a lease extension; however a solicitor will check if you qualify. In certain circumstances you may not be entitled. There are also strict timetables and formalities to follow once the process has started so it’s wise to be guided by a lawyer during the process.

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

Leasehold premises in Falconwood with over 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such circumstances there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges warrant it.

Lenders will not finance a property on a short lease

Most mortgage companies will be unwilling to grant a mortgage on a lease with under 70 years unexpired - although this varies between mortgage companies. A buyer will likely find it difficult to obtain a mortgage and this could result in your Falconwood property becoming difficult to sell or to obtain finance on.

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

Lease extensions in Falconwood can be a difficult process. We recommend you obtain guidance from a conveyancer and valuer with experience in this area.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Falconwood lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Falconwood Lease Extension Case Summaries:

Kirsty, Falconwood, South East London,

Following unsuccessful correspondence with the landlord of her first floor flat in Falconwood, Kirsty initiated the lease extension process just as the lease was approaching the critical eighty-year threshold. The legal work was concluded in August 2008. The freeholder’s charges were kept to an absolute minimum.

Falconwood case:

Mr and Mrs. B Mercier owned a newly refurbished flat in Falconwood in June 2009. We are asked if we could estimate the premium could be for a 90 year lease extension. Identical flats in Falconwood with an extended lease were worth £290,000. The average amount of ground rent was £45 collected per annum. The lease lapsed in 2098. Having 72 years as a residual term we calculated the premium to the landlord to extend the lease to be within £11,400 and £13,200 not including costs.