Main reasons to commence your Forest Hill lease extension

Top reasons for lease extension now:

Increase your lease and increase your Forest Hill property value

As the the remaining lease term of a Forest Hill residential lease diminished so does its value and therefore the value of your property. If the residual term has, beyond 99 years remaining then this decrease may be fractional that being said there will become a point in time when a lease has fewer than eighty years left as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the main logic behind why you should extend the lease sooner rather than later. The majority of flat owners in Forest Hill will qualify for this right; nevertheless a conveyancer can confirm whether you qualify to extend your lease. In limited situations you may not qualify, the most frequent reason being that you have owned the property for under two years.

Forest Hill property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with over 100 years unexpired lease term is worth approximately the same as a freehold. Where an further 90 years added to any lease with more than 45 years left, the premises will be worth the same as a freehold for many years ahead.

Lenders will not finance a property on a short lease

Why use us for your lease extension in Forest Hill?

Irrespective of whether you are a tenant or a landlord in Forest Hill,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 Forest Hill valuers.

Forest Hill Lease Extension Case Summaries:

Joseph, Forest Hill, South East London

Half a year ago Joseph, came precariously close to the eighty-year threshold with the lease on his two bedroom flat in Forest Hill. Having purchased his home twenty years ago, the length of the lease was of little bearing. by good luck, he realised he would imminently be paying an escalated premium for Extending the lease. Joseph arranged for a lease extension just in the nick of time in January. Joseph and the freeholder via the managing agents ultimately settled on sum of £6,000 . If the lease had descended lower than eighty years, the sum would have increased by a minimum £1,100.

Forest Hill case:

In 2009 we were e-mailed by Mr A Robinson who, having completed a garden apartment in Forest Hill in July 2004. The question was if we could approximate the premium would be for a ninety year extension to my lease. Comparable homes in Forest Hill with 100 year plus lease were worth £264,000. The mid-range ground rent payable was £60 invoiced monthly. The lease terminated on 6 July 2079. Given that there were 53 years outstanding we approximated the premium to the landlord for the lease extension to be between £37,100 and £42,800 plus expenses.