Main reasons to commence your Forestdale lease extension

Main reasons to start your Forestdale lease extension today:

A Forestdale leasehold property depreciates with the years remaining on the lease.

On the balance of probabilities where you own a flat in Forestdale you actually own a long leasehold interest over your property

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

Leasehold residencies in Forestdale with over 100 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 premises. In such situations there is often little upside in buying the reversionary interest unless savings on ground rent and maintenance charges merit it.

Banks and Building Societies will not finance a property on a short lease

Nearly all banks and building societies will not lend on a lease with less than seventy years remaining - although this varies from lender to lender. A purchaser will no doubt find it difficult in obtaining a mortgage and this will result in your Forestdale property becoming difficult to sell or to obtain finance on.

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

Irrespective of whether you are a tenant or a freeholder in Forestdale,the lease extension lawyers that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Forestdale valuers.

Forestdale Lease Extension Case Studies:

Ollie, Forestdale, South London

In recent months Ollie, started to get close to the eighty-year mark with the lease on his first floor flat in Forestdale. Having bought his property 18 years previously, the unexpired term was of little importance. Luckily, he realised he would imminently be paying an inflated amount for Extending the lease. Ollie arranged for a lease extension just under the wire last May. Ollie and the freeholder via the management company eventually agreed on an amount of £5,500 . If he had missed the deadline, the premium would have increased by at least £1,025.

Forestdale case:

Ms Emma Robinson owned a one bedroom apartment in Forestdale in January 2003. We are asked if we could approximate the premium would be to prolong the lease by a further 90 years. Comparative premises in Forestdale with an extended lease were valued around £285,000. The mid-range amount of ground rent was £45 collected every twelve months. The lease ran out on 24 May 2098. Taking into account 72 years remaining we estimated the compensation to the landlord to extend the lease to be within £12,400 and £14,200 plus expenses.