Main reasons to start your Greenwich lease extension

Why you should commence your Greenwich lease extension today:

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

For anyone whose Greenwich flat is held on a long lease, the message is clear – if you ignore the situation, the property will eventually revert to your landlord, leaving you empty-handed. The shorter the lease the less it is worth and the more it will cost to extend the lease.

An extended lease has roughly the same value as a freehold

It is conventional wisdom that a property with over one hundred years remaining is worth approximately the equivalent as a freehold. Where an additional 90 years added to any lease with more than 35 years unexpired, the residence will be equivalent in value to a freehold for decades to come.

Mortgage lenders may not loan monies on a short lease

Banks and building societies are really restricting their approach as regards to homes in Greenwich with short leases. For instance you may find that their lending requirements 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 narrowing the amount of potential purchasers.

Why use us for your lease extension in Greenwich?

Using our service will provide you increased control over the value of your Greenwich leasehold, as your property will be more valuable and marketable in respect of lease length should you wish to sell. The conveyancing solicitors that we work with are well versed in the legislation handling many hundreds of lease extensions or freehold purchase transactions.

Greenwich Lease Extension Example Cases:

Mason, Greenwich, South East London,

Mason owned a conversion flat in Greenwich being sold with a lease of a little over sixty years outstanding. Mason informally spoke with his freeholder a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £200 per annum and doubled every twenty five years thereafter. No ground rent would be due on a lease extension were Mason to exercise his statutory right. Mason obtained expert legal guidance and was able to make a more informed decision and deal with the matter and sell the property.

Greenwich case:

Last year we were contacted by Dr Francesca Petit , who completed a one bedroom flat in Greenwich in October 2007. We are asked if we could estimate the price could be to extend the lease by 90 years. Comparative flats in Greenwich with 100 year plus lease were valued around £285,000. The mid-range amount of ground rent was £55 billed monthly. The lease concluded in 2105. Given that there were 79 years unexpired we approximated the compensation to the freeholder for the lease extension to be within £13,300 and £15,400 not including fees.