Why you should start 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 domestic deteriorating in value. if your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term is less than 80 years, you will then have to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to the landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Leasehold owners in Ladywell will usually be legally entitled to a lease extension; however it’s a good idea to check with a lawyer to check your eligibility. In certain cases you may not qualify. There are prescribed timetables and formalities to follow once the process is initiated so it’s sensible to be guided by a conveyancer during the process.

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

Leasehold residencies in Ladywell with in excess of 100 years outstanding on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and maintenance charges justify it.

Lenders will not lend on a short lease

Mortgage lenders have specific criteria when lending funds secured on leasehold homes. Some will simply refrain from lending at all once an unexpired lease term falls beneath a certain unexpired lease term. Many Lending institutions will not consider property with an unexpired below seventy years suitable security. In addition to impacting your ability to sell, it is also relevant where you are wanting to remortgage your Ladywell property.

Why use us for your lease extension in Ladywell?

Using our service gives you enhanced 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 conveyancers that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Ladywell Lease Extension Case Studies:

Daniel, Ladywell, South East London

Last year Daniel, started to get near to the 80-year threshold with the lease on his garden flat in Ladywell. Having bought his flat two decades ago, the length of the lease was of little bearing. Fortunately, he recognised he needed to take action soon on Extending the lease. Daniel was able to extend his lease at the eleventh hour last April. Daniel and the landlord who owned the flat above in the end settled on an amount of £6,000 . If the lease had dipped to less than 80 years, the figure would have increased by a minimum £975.

Ladywell case:

In 2013 we were approached by Mr and Mrs. N Cook who, having moved into a one bedroom flat in Ladywell in October 1999. We are asked if we could shed any light on how much (approximately) price would be to extend the lease by ninety years. Identical flats in Ladywell with 100 year plus lease were worth £285,000. The mid-range amount of ground rent was £55 billed every twelve months. The lease terminated in 2105. Taking into account 79 years left we calculated the premium to the landlord to extend the lease to be between £13,300 and £15,400 exclusive of professional charges.