Top reasons for Greenhithe lease extension

Why you should start your Greenhithe lease extension today:

Increase your lease and increase your Greenhithe property value

As the the remaining lease term of a Greenhithe domestic lease diminished so does its value and therefore the value of your property. If the lease has, beyond 99 years to run then this decrease may be of little impact however there will become a stage when a lease has under than 80 years left as part of the premium you will incur is what is termed as a marriage value. This could be significant. It is the primary reason why you should consider extending sooner than later. Most flat owners in Greenhithe will meet the qualifying criteria; however a conveyancing solicitor should be able to confirm whether you qualify for a lease extension. In limited situations you may not qualify, the most common reason being that you have not been the owner of the property for two years.

An extended lease is almost the same value as a freehold

It is generally accepted that a property with over one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further ninety years added to all but the shortest lease, the residence will be equivalent in value to a freehold for many years ahead.

Mortgage lenders will not issue a mortgage with a short lease

The trend since the credit crunch has been for banks to tighten lending criteria generally - this has extended to the property over which the home loan is to be charged. This has meant the unexpired lease term required by mortgage companies has increased. Historically mortgage companies were content with twenty years plus the term of the loan - typically fifty year leases but those requirements evolved by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Greenhithe?

Lease extensions in Greenhithe can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor well versed in the legislation and lease extension process.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Greenhithe lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Greenhithe Lease Extension Case Summaries:

Jade, Greenhithe, Kent,

Trailing unsuccessful correspondence with the landlord of her two bedroom flat in Greenhithe, Jade commenced the lease extension process as the 80 year deadline was quickly approaching. The lease extension was finalised in November 2005. The landlord’s costs were kept to an absolute minimum.

Greenhithe case:

In 2014 we were e-mailed by Dr Abbie Hernández who, having bought a studio apartment in Greenhithe in April 2008. The dilemma was if we could approximate the premium would be for a 90 year lease extension. Identical properties in Greenhithe with an extended lease were worth £213,600. The average ground rent payable was £60 collected yearly. The lease terminated in 2083. Given that there were 57 years remaining we approximated the compensation to the freeholder for the lease extension to be between £30,400 and £35,200 exclusive of expenses.