Main reasons to commence your Green Street Green lease extension

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

Increase your lease and increase your Green Street Green property value

The nearer a residential lease in Green Street Green nears to zero years unexpired, the more it reduces the value of the property. Where the residual term has, more than 100 years remaining then this decrease may be of little impact nevertheless there will become a stage when a lease has fewer than 80 years remaining as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the main rational as to why you should extend the lease without delay. Many flat owners in Green Street Green will meet the qualifying criteria; nevertheless a conveyancer should be able to 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.

An extended lease is almost the same value as a freehold

Leasehold residencies in Green Street Green with more than one hundred years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not grant a mortgage with a short lease

Lenders do not like short residential leases. You most probably encounter difficulties where you want to sell your flat in Green Street Green if the remaining term of your lease is under the criteria set by the majority of banks and building societies. Different mortgage companies have different requirements but on the whole they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Green Street Green?

The conveyancers that we work with handle Green Street Green 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 conveyancing solicitor we work with provide it.

Green Street Green Lease Extension Case Studies:

Ibrahim, Green Street Green, South East London

Last October Ibrahim, came precariously close to the 80-year threshold with the lease on his leasehold apartment in Green Street Green. In buying his home 18 years ago, the length of the lease was of minimal relevance. Thankfully, he noticed he needed to take steps soon on a lease extension. Ibrahim arranged for a lease extension just under the wire in June. Ibrahim and the landlord who owned the flat above subsequently settled on a premium of £5,500 . If the lease had gone to less than eighty years, the sum would have become more costly by a minimum £1,075.

Green Street Green case:

Mrs Paige Ramírez purchased a first floor apartment in Green Street Green in November 2006. The question was if we could approximate the compensation to the landlord would be to prolong the lease by 90 years. Comparable premises in Green Street Green with an extended lease were valued around £240,600. The average ground rent payable was £60 billed per annum. The lease lapsed in 2088. Having 62 years outstanding we calculated the compensation to the landlord to extend the lease to be within £21,900 and £25,200 plus costs.