Top reasons for Ladywell lease extension

Main reasons to commence your Ladywell lease extension today:

Increase your lease and increase your Ladywell property value

The only way is down when it comes to Ladywell lease terms. Ladywell flats that have a lease term shorter than eighty years will reduce in value at a rapid rate, and the cost of extending your lease will rise.

An extended lease is almost the same value as a freehold

It is generally considered that a property with over 100 years unexpired lease term is worth roughly the same as a freehold. Where an further 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 in the future.

Mortgage lenders will not lend with a short lease

The propensity since over the last decade has been for mortgage companies to tighten lending requirements across the board - this has extended to the types of security over which the home loan is to be granted. This has meant the unexpired lease term required by mortgage companies has increased. In the past lenders were content with twenty years plus the term of the loan - typically 50 year leases but those requirements are being increasingly undermined by the requirement for lengthy leases - many now have a minimum term of 75 years as standard.

Why use us for your lease extension in Ladywell?

Irrespective of whether you are a tenant or a landlord in Ladywell,the lease extension solicitors that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Ladywell valuers.

Ladywell Lease Extension Example Cases:

Grace, Ladywell, South East London,

In the wake of 6 months of lengthy correspondence with the freeholder of her garden apartment in Ladywell, Grace commenced the lease extension process as the 80 year mark was swiftly advancing. The transaction was concluded in August 2011. The landlord’s costs were negotiated to less than 600 pounds.

Ladywell case:

Last Winter we were phoned by Mr and Mrs. R Nguyen , who moved into a newly refurbished apartment in Ladywell in June 2009. We are asked if we could approximate the compensation to the landlord would likely be for a ninety year extension to my lease. Comparable residencies in Ladywell with an extended lease were worth £218,000. The average amount of ground rent was £45 invoiced annually. The lease ran out in 2089. Taking into account 63 years as a residual term we calculated the compensation to the freeholder to extend the lease to be between £17,100 and £19,800 plus legals.