Main reasons to start your Green Street Green lease extension

Why you should commence your Green Street Green lease extension today:

Increase your lease and increase your Green Street Green property value

Owning a flat usually means owning a lease of the property, which has a finite term of years. The lease will normally be granted for a fixed period of time , usually 99 or 125 years, although we have seen longer and shorter terms in Green Street Green. Clearly, the term of lease left shortens over time. This is often overlooked and only becomes a problem when the property needs to be sold or re-mortgaged. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Green Street Green have the right to extend the lease for a further 90 years under the 1993 Leasehold Reform Act. Please give due consideration before putting off your Green Street Green lease extension. Putting off the cost now likely increases the price you will eventually have to pay for a lease extension

An extended lease is almost the same value as a freehold

Leasehold premises in Green Street Green with more than 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges warrant it.

Banks and Building Societies will not issue a mortgage with a short lease

Banks and building societies are really clamping down as regards to homes in Green Street Green with short leases. For instance you might discover that their lending criteria are stricter and that they alter interest rates depending on how many years are left on the lease. Some may even refrain from lending completely, so where you wanted to sell, your remaining options would be to find a cash purchaser, or try your luck at auction thus reducing the number of prospective buyers.

What makes us experts in Green Street Green lease extensions?

Irrespective of whether you are a tenant or a freeholder in Green Street Green,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 experience and the close ties they enjoy with Green Street Green valuers.

Green Street Green Lease Extension Case Summaries:

Harriet, Green Street Green, South East London,

Trailing unsuccessful correspondence with the landlord of her two bedroom apartment in Green Street Green, Harriet started the lease extension process just as her lease was approaching the crucial 80-year threshold. The legal work was concluded in May 2015. The landlord’s charges were negotiated to about 550 pounds.

Green Street Green case:

Dr Nathaniel Morgan was assigned a lease of a garden apartment in Green Street Green in August 2003. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by ninety years. Comparable properties in Green Street Green with a long lease were in the region of £171,800. The average ground rent payable was £55 invoiced annually. The lease expired in 2076. Considering the 50 years as a residual term we estimated the compensation to the landlord to extend the lease to be within £33,300 and £38,400 plus legals.