Why you should start your Falconwood lease extension

Why you should commence your Falconwood lease extension today:

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

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will ordinarily be granted for a prescribed period of time , usually 99 or 125 years, although we have witnessed longer and shorter terms in Falconwood. Clearly, the term of lease remaining shortens over time. This may slip by relatively unnoticed when the flat or house has to be sold or refinanced. The fewer the years remaining the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Falconwood have the right to extend the lease for a further 90 years in accordance with statute. Do give careful attention before putting off your Falconwood lease extension. Putting off that expense now only increases the price you will eventually incur to extend your lease

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

Leasehold properties in Falconwood with more than one hundred years outstanding on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Mortgage lenders may not lend on a short lease

Most mortgage companies insist on a lengthy amount of time left on a leasehold residence before they will contemplate providing a mortgage on it. Regardless of whether you require a mortgage, you should keep in mind that it is reasonable to assume that someone wanting to buy your property in the future might well do, so if they can't secure a mortgage, then the market price of the property will likely be adversely impacted. Since 2008 most mortgage lenders have increased the required minimum lease length that they are willing to accept

What makes us experts in Falconwood lease extensions?

The conveyancing solicitors that we work with undertake Falconwood 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 lawyer we work with provide it.

Falconwood Lease Extension Example Cases:

Anna, Falconwood, South East London,

Trailing unsuccessful correspondence with the landlord of her first floor apartment in Falconwood, Anna initiated the lease extension process as the eighty year mark was fast advancing. The legal work was finalised in August 2008. The landlord’s costs were kept to an absolute minimum.

Falconwood case:

Last Autumn we were phoned by Mr William Smith , who acquired a ground floor flat in Falconwood in June 2009. The dilemma was if we could estimate the price would likely be for a ninety year extension to my lease. Comparable residencies in Falconwood with 100 year plus lease were in the region of £174,200. The average amount of ground rent was £55 collected every twelve months. The lease ran out in 2076. Having 51 years remaining we approximated the premium to the landlord for the lease extension to be within £31,400 and £36,200 not including costs.