Why you should start your Furzedown lease extension

Top reasons for lease extension now:

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

When it comes to long leasehold premises in Furzedown, you are actually buying an entitlement to live in a property for a prescribed time frame. These days flat leases typically tend to be for 99 years or 125. Many leasehold owners become complacent as this seems like a lengthy period of time, you should consider extending the lease sooner rather than later. Accepted thinking is that the shorter the lease is the cost of extending the lease gets disproportionately more expensive especially once there are fewer than 80 years left. Anyone in Furzedown with a lease nearing 81 years unexpired should seriously consider extending it sooner than later. When a lease has below eighty years outstanding, under the relevant legislation the freeholder can calculate and charge a greater premium, assessed on a technical calculation, strangely termed as “marriage value” which is payable.

An extended lease has roughly the same value as a freehold

Leasehold residencies in Furzedown with in excess of 100 years unexpired on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your home. In such situations there is often little to be gained by buying the freehold unless savings on ground rent and service charges justify it.

Lending institutions may not finance a property with a short lease

The definition of a short lease varies by mortgage company, yet mortgage lenders start to become nervous at around 75 years. This may cause difficulties as and when you wish to dispose of or refinance your flat as it will be effectively unmortgageable. You might not have an imminent plan to sell but when you do your purchaser must wait two years before being able to exercise the right to a an extension to the lease.

Why use us for your lease extension in Furzedown?

Regardless of whether you are a tenant or a landlord in Furzedown,the lease extension experts that we work with will always be willing to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Furzedown valuers.

Furzedown Lease Extension Case Summaries:

Hannah, Furzedown, South West London,

Subsequent to lengthy correspondence with the freeholder of her studio flat in Furzedown, Hannah started the lease extension process just as the lease was nearing the all-important eighty-year deadline. The legal work was concluded in November 2005. The landlord’s costs were kept to an absolute minimum.

Furzedown case:

Mrs Chelsea Sánchez acquired a studio flat in Furzedown in June 2001. We are asked if we could estimate the premium could be for a ninety year lease extension. Similar homes in Furzedown with an extended lease were in the region of £246,800. The average ground rent payable was £60 collected yearly. The lease finished on 25 November 2076. Taking into account 50 years left we calculated the compensation to the landlord to extend the lease to be within £44,700 and £51,600 plus legals.

Furzedown case:

Last June we were phoned by Mrs G Mason , who was assigned a lease of a one bedroom flat in Furzedown in September 2006. We are asked if we could estimate the compensation to the landlord would be to extend the lease by ninety years. Similar residencies in Furzedown with a long lease were worth £203,200. The mid-range amount of ground rent was £65 collected quarterly. The lease concluded on 16 November 2087. Considering the 61 years unexpired we calculated the premium to the freeholder to extend the lease to be between £19,000 and £22,000 not including expenses.