Why you should commence your Furzedown lease extension

Main reasons to commence your Furzedown lease extension today:

Increase your lease and increase your Furzedown property value

Chances are that if you own a flat in Furzedown you actually own a long leasehold interest over your property

An extended lease is almost the same value as a freehold

Leasehold premises in Furzedown with in excess of one hundred years left on the lease are often referred to as ‘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 purchasing the reversionary interest unless savings on ground rent and maintenance charges merit it.

Mortgage lenders may decide not to loan monies on a short lease

Banks and building societies are really restricting their approach as regards to homes in Furzedown with short leases. For example you might discover that their lending criteria are stricter and that they alter interest rates depending on the unexpired lease term. Some may even refuse to lend completely, so if you needed to sell, your remaining options would be to find a cash purchaser, or hope for the best at auction thus reducing your market.

Why use us for your lease extension in Furzedown?

The conveyancers that we work with undertake Furzedown 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 conveyancer we work with provide it.

Furzedown Lease Extension Example Cases:

Mia, Furzedown, South West London,

Following unsuccessful discussions with the landlord of her ground floor apartment in Furzedown, Mia started the lease extension process just as her lease was approaching the crucial 80-year deadline. The transaction was finalised in May 2006. The freeholder’s charges were kept to an absolute minimum.

Furzedown case:

Last November we were called by Mr Alfie Hall , who acquired a purpose-built flat in Furzedown in July 2000. We are asked if we could shed any light on how much (approximately) price would likely be to prolong the lease by an additional years. Similar properties in Furzedown with an extended lease were worth £250,000. The mid-range ground rent payable was £50 billed yearly. The lease lapsed on 26 March 2095. Taking into account 69 years remaining we estimated the premium to the freeholder for the lease extension to be between £9,500 and £11,000 exclusive of expenses.

Furzedown case:

In 2013 we were approached by Mr Max Smith who, having owned a studio flat in Furzedown in August 2008. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by 90 years. Identical residencies in Furzedown with an extended lease were valued about £285,000. The mid-range ground rent payable was £55 billed annually. The lease concluded in 2106. Taking into account 80 years outstanding we approximated the premium to the freeholder to extend the lease to be between £12,400 and £14,200 exclusive of expenses.