Why you should start your Greenwich lease extension

Top reasons for lease extension now:

Increase your lease and increase your Greenwich property value

The market value of Greenwich leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The cost of a lease extension can increase significantly once the unexpired lease term is less than 80 years

Greenwich property with a lease extension has roughly the same value as a freehold

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

Lending institutions may decide not to loan monies on a short lease

Why use us for your lease extension in Greenwich?

The conveyancers that we work with handle Greenwich 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 lawyer we work with provide it.

Greenwich Lease Extension Example Cases:

Leo, Greenwich, South East London,

Leo owned a studio apartment in Greenwich being sold with a lease of just over sixty years unexpired. Leo informally contacted his freeholder being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to grant an extension taking the lease to 125 years subject to a new rent initially set at £150 per annum and increase every 25 years thereafter. No ground rent would be due on a lease extension were Leo to invoke his statutory right. Leo procured expert legal guidance and was able to make an informed judgement and handle with the matter and readily saleable.

Greenwich case:

Last Christmas we were e-mailed by Dr Alex Mitchell , who bought a one bedroom flat in Greenwich in October 2000. The question was if we could shed any light on how much (roughly) compensation to the landlord could be to extend the lease by a further 90 years. Comparative properties in Greenwich with 100 year plus lease were valued about £242,600. The average amount of ground rent was £45 invoiced every twelve months. The lease came to a finish in 2093. Having 67 years remaining we estimated the premium to the landlord for the lease extension to be within £11,400 and £13,200 plus costs.