Top reasons for Greenwich lease extension

Main reasons to commence your Greenwich lease extension today:

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

There is no doubt about it a leasehold property in Greenwich is a wasting asset as a result of the shortening lease. Where the residual term has, in excess of 125 years remaining then this decrease may be fractional nevertheless there will become a point in time when a lease has under than eighty years remaining as part of the premium you will incur is what is termed as a marriage value. This could increase sharply the cost. It is the primary reason why you should extend the lease without delay. Most flat owners in Greenwich will qualify for this right; that being said a conveyancer should be able to advise whether you qualify for a lease extension. In certain situations you may not qualify, the most common reason being that you have owned the property for under two years.

An extended lease is almost the same value as a freehold

Leasehold properties in Greenwich with more than one hundred years left 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 freehold unless savings on ground rent and estate charges justify it.

Mortgage lenders may not issue a mortgage on a short lease

Lenders are making their criteria more stringent and a meaningful number now want flats to have a minimum of 60 if not 70 years remaining at the expiry of the mortgage. Considering many flats in Greenwich were created in the fifties, sixties and seventies this means many now require lease extensions if they wish to obtain a mortgage.

What makes us experts in Greenwich lease extensions?

Lease extensions in Greenwich can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer 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 a wealth of experience procuring Greenwich lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Greenwich Lease Extension Case Summaries:

Rebecca, Greenwich, South East London,

Trailing unsuccessful negotiations with the freeholder of her first floor apartment in Greenwich, Rebecca started the lease extension process as the eighty year threshold was swiftly approaching. The transaction completed in October 2013. The freeholder’s charges were restricted to a tad over 500 pounds.

Greenwich case:

Mr and Mrs. O Roux purchased a studio apartment in Greenwich in May 1997. The question was if we could shed any light on how much (roughly) premium would likely be to prolong the lease by 90 years. Comparative properties in Greenwich with 100 year plus lease were valued about £225,400. The average amount of ground rent was £45 collected quarterly. The lease finished in 2090. Given that there were 64 years left we approximated the compensation to the landlord for the lease extension to be within £15,200 and £17,600 plus fees.