Why you should start your Hither Green lease extension

Why you should start your Hither Green lease extension today:

A Hither Green lease depreciates with the years remaining on the lease.

Hither Green leases on residential properties are gradually diminishing in value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of the lease becomes more expensive. Legislation has been in place for sometime now allowing qualifying Hither Green residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Hither Green you would be well advised to investigate if your lease has between seventy and ninety years remaining. There are good reasons why a Hither Green flat owner with a lease having around 80 years left should take steps to make sure that a lease extension is put in place without delay

An extended lease has roughly the same value as a freehold

It is generally considered that a property with more than 100 years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years left, the premises will be worth the same as a freehold for decades to come.

Lenders may decide not to grant a mortgage with a short lease

The definition of a short lease varies by mortgage company, yet lending institutions start to get concerned at around 75 years. This will be problematic as and when you wish to sell or remortgage your flat as it will be effectively unmortgageable. Even though you might not have an immediate intention to sell but when you do your purchaser will need to wait 2 years before they can initiate the legal procedures for a lease extension.

What makes us experts in Hither Green lease extensions?

Engaging our service will provide you better control over the value of your Hither Green leasehold, as your property will be more valuable and saleable in relation to the lease length should you decide to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Hither Green Lease Extension Example Cases:

Omar, Hither Green, South East London

During the course of the last few months Omar, came perilously close to the eighty-year mark with the lease on his one bedroom apartment in Hither Green. In buying his flat two decades ago, the lease term was of no importance. As luck would have it, he noticed he needed to take action soon on Extending the lease. Omar arranged for a lease extension just in the nick of time in June. Omar and the freeholder in the end agreed on sum of £5,000 . If the lease had slid below eighty years, the premium would have increased by a minimum £1,050.

Hither Green case:

Last Summer we were phoned by Mrs Alicia Scott , who moved into a newly refurbished apartment in Hither Green in July 2007. We are asked if we could shed any light on how much (approximately) compensation to the landlord could be to extend the lease by an additional years. Comparative properties in Hither Green with 100 year plus lease were worth £275,000. The mid-range amount of ground rent was £55 invoiced quarterly. The lease finished in 2102. Having 76 years unexpired we estimated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.