Main reasons to commence your Ladywell lease extension

Why you should start your Ladywell lease extension today:

Increase your lease and increase your Ladywell property value

Ladywell leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and as a result any extension of your lease gets more expensive. Most owners of residential leasehold property in Ladywell enjoy rights under legislation to extend the terms of their leases. If you are a leasehold owner in Ladywell you would be well advised to check if your lease has between seventy and 90 years remaining. In particular once the remaining lease term slips under 80 years, the compensation to the landlord for any lease extension increases dramatically as an element of the premium you pay is what is known as a marriage value

Ladywell property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with in excess of one hundred years unexpired lease term is worth roughly the same as a freehold. Where an further 90 years added to all but the shortest lease, the property will be equivalent in value to a freehold for decades to come.

Lenders will not lend with a short lease

Mortgage companies are inclined not lend on short residential leases. You are likely to encounter problems where you want to sell your flat in Ladywell if the remaining lease term is below the criteria set by the majority of mortgage companies. Different lenders have varying requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Ladywell lease extensions?

Irrespective of whether you are a tenant or a landlord in Ladywell,the lease extension experts that we work with will always be prepared 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:

Jude, Ladywell, South East London,

Jude was the the leasehold proprietor of a studio flat in Ladywell being marketed with a lease of a few days over 59 years outstanding. Jude on an informal basis spoke with his landlord being a well known Manchester-based freehold company for a lease extension. The freeholder indicated a willingness to extend the lease to 125 years subject to a rise in the rent to £100 annually. No ground rent would be due on a lease extension were Jude to exercise his statutory right. Jude procured expert legal guidance and was able to make an informed decision and handle with the matter and ending up with a market value flat.

Ladywell case:

Last Winter we were contacted by Mr and Mrs. I Vincent , who was assigned a lease of a purpose-built apartment in Ladywell in January 2009. The question was if we could estimate the price could be to prolong the lease by ninety years. Identical premises in Ladywell with an extended lease were valued about £173,800. The average amount of ground rent was £60 collected every twelve months. The lease lapsed in 2081. Having 55 years left we calculated the premium to the landlord for the lease extension to be between £31,400 and £36,200 plus professional charges.