Top reasons for Ladywell lease extension

Main reasons to commence your Ladywell lease extension today:

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

Unfortunately that a Ladywell residential lease is a wasting asset. The lease value reduces in proportion to its lease length. The extent of this is not fully appreciated in the first few years due to the loss of value being disguised by increases in the Ladywell property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. An important point to note is that it is desirable for lease extension to take place before the term of the existing lease falls under 80 years - otherwise a higher premium will be due. Most leasehold owners in Ladywell will be able to extend under the legislation; however a conveyancer will be able to confirm if you qualify for an extension. In some situations you may not qualify. There are also strict deadlines and procedures to be adhered to once the process has commenced and you will need to be guided by your lawyer from beginning to end of the formalities.

An extended lease is almost the same value as a freehold

Leasehold premises in Ladywell with over 100 years unexpired on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth 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 merit it.

Banks and Building Societies will not finance a property on a short lease

Mortgage companies do not like short residential leases. You most probably experience difficulties where you wish to sell your flat in Ladywell if the unexpired lease term is below the criteria set by most banks and building societies. Different lenders have different requirements but on the whole they are looking for a minimum remaining lease term of 65 years.

Why use us for your lease extension in Ladywell?

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

Ladywell Lease Extension Case Studies:

Leon, Ladywell, South East London

Half a year ago Leon, started to get close to the 80-year mark with the lease on his garden flat in Ladywell. In buying his home two decades ago, the lease term was of minimal interest. As luck would have it, he noticed he would soon be paying an escalated premium for a lease extension. Leon arranged for a lease extension at the eleventh hour last July. Leon and the freeholder via the management company subsequently agreed on a premium of £6,000 . If he not met the deadline, the figure would have become more exhorbitant by a minimum £975.

Ladywell case:

Mr and Mrs. P Bell owned a first floor apartment in Ladywell in April 2007. We are asked if we could shed any light on how much (approximately) premium could be to extend the lease by 90 years. Comparative residencies in Ladywell with an extended lease were in the region of £270,000. The average ground rent payable was £55 invoiced per annum. The lease ran out on 17 November 2101. Having 75 years as a residual term we estimated the premium to the freeholder to extend the lease to be between £9,500 and £11,000 exclusive of legals.