Top reasons for Ladywell lease extension

Why you should commence your Ladywell lease extension today:

Increase your lease and increase your Ladywell property value

Ladywell leases on residential properties are gradually losing value. if your lease has approximately 90 years unexpired, you should start considering the need for a lease extension. 80 years is a significant number: when the unexpired term of a lease falls below this level then you begin incurring an additional element called marriage value. Leasehold owners in Ladywell will usually be legally entitled to a lease extension; however a solicitor should be able check if you qualify. In some cases you may not qualify. There are prescribed timetables and steps to comply with once the process has started so it’s best to be guided by a conveyancer during the process.

Ladywell property with a lease extension is almost the same value as a freehold

It is conventional wisdom that a residential leasehold with more than 100 years remaining is worth approximately the same as a freehold. Where an further ninety years added to any lease with more than 45 years left, the property will be equivalent in value to a freehold for many years in the future.

Lending institutions will not loan monies on a short lease

Whether or not the lease is be regarded as a short lease varies by mortgage company, yet banks and building societies start to get nervous at around 75 years. This will cause difficulties once you come to sell or refinance your property as it will be effectively unmortgageable. You might not have an imminent desire to sell but when you do your buyer will have to hold off for two years before being able to start the legal procedures for an extension to the lease.

Why use us for your lease extension in Ladywell?

Lease extensions in Ladywell can be a difficult process. We recommend you obtain guidance from a lawyer 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 in-depth market knowledge dealing with Ladywell lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Ladywell Lease Extension Example Cases:

Thomas, Ladywell, South East London

Last year Thomas, came precariously close to the eighty-year mark with the lease on his studio flat in Ladywell. Having bought his property 18 years previously, the lease term was of little concern. by good luck, he realised he needed to take steps soon on Extending the lease. Thomas extended the lease at the eleventh hour in May. Thomas and the landlord subsequently agreed on a premium of £5,500 . If he failed to meet the deadline, the figure would have gone up by a minimum £850.

Ladywell case:

In 2009 we were contacted by Dr Jessica Bernard who, having purchased a ground floor apartment in Ladywell in May 2006. The dilemma was if we could approximate the price would likely be for a ninety year extension to my lease. Identical flats in Ladywell with 100 year plus lease were valued about £242,600. The average amount of ground rent was £45 billed annually. The lease lapsed in 2093. Given that there were 67 years unexpired we calculated the compensation to the freeholder for the lease extension to be within £11,400 and £13,200 not including expenses.