Why you should start your Falconwood lease extension

Why you should commence your Falconwood lease extension today:

Increase your lease and increase your Falconwood property value

For those whose Falconwood home is held on a long lease, our message is clear – if you ignore the situation, the property will ultimately revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to obtain a lease extension.

An extended lease is almost the same value as a freehold

Leasehold premises in Falconwood with over one hundred years left on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your home. In such circumstances there is often little to be gained by purchasing the freehold unless savings on ground rent and service charges justify it.

Lending institutions may decide not to issue a mortgage with a short lease

Mortgage companies do not grant a mortgage on short residential leases. You are likely to experience problems where you want to sell your flat in Falconwood if the remaining term of your lease is below the criteria set by most mortgage companies. Different mortgage companies have varying requirements but on the whole theyrequire an unexpired term of at least seventy years.

Why use us for your lease extension in Falconwood?

Engaging our service gives you increased control over the value of your Falconwood leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Falconwood Lease Extension Case Summaries:

Oliver, Falconwood, South East London

Last year Oliver, came perilously close to the eighty-year mark with the lease on his ground floor apartment in Falconwood. Having purchased his property two decades ago, the unexpired term was of minimal bearing. Luckily, he noticed he needed to take steps soon on a lease extension. Oliver was able to extend his lease just ahead of time in September. Oliver and the landlord in the end settled on sum of £5,000 . If he had missed the deadline, the price would have gone up by a minimum £850.

Falconwood case:

Last Winter we were contacted by Mrs Danielle Jones , who completed a studio apartment in Falconwood in February 1996. We are asked if we could estimate the compensation to the landlord would likely be for a 90 year extension to my lease. Comparable premises in Falconwood with 100 year plus lease were worth £210,000. The mid-range amount of ground rent was £50 invoiced per annum. The lease expired on 23 June 2106. Having 80 years outstanding we estimated the compensation to the freeholder for the lease extension to be within £8,600 and £9,800 plus expenses.