Main reasons to start your Laleham lease extension

Main reasons to commence your Laleham lease extension today:

Increase your lease and increase your Laleham property value

The value of Laleham leasehold residential property falls as the lease term becomes shorter and this will have an impact on its saleability. The expense of extending the lease can escalate substantially once the unexpired lease term is less than 80 years

An extended lease is almost the same value as a freehold

Leasehold residencies in Laleham with more than one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges justify it.

Lenders may not finance a property with a short lease

Almost all mortgage lenders require a lengthy amount of time remaining on a leasehold property before they will contemplate it as adequate security. Regardless of whether you need a mortgage, you should be aware that it is reasonable to assume that someone intending to buy your property in the future might well do, so if they can't secure a mortgage, then the financial worth of your property could suffer. Since 2008 many banks and building societies have increased the required minimum lease length that they are willing to accept

Get in touch with one of our Laleham lease extension solicitors or enfranchisement solicitors

Using our service will provide you increased control over the value of your Laleham leasehold, as your property will be more valuable and marketable in respect of 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.

Laleham Lease Extension Example Cases:

Aaron, Laleham, North London

14 months ago Aaron, started to get close to the eighty-year mark with the lease on his first floor apartment in Laleham. In buying his flat twenty years ago, the unexpired term was of little importance. by good luck, he noticed he needed to take action soon on Extending the lease. Aaron arranged for a lease extension just ahead of time last March. Aaron and the freeholder via the management company subsequently settled on sum of £5,000 . If the lease had slipped to less than eighty years, the amount would have escalated by a minimum £925.

Laleham case:

Last month we were phoned by Mr and Mrs. A Lewis , who owned a one bedroom apartment in Laleham in January 2007. We are asked if we could shed any light on how much (approximately) price would be to prolong the lease by ninety years. Comparable properties in Laleham with 100 year plus lease were worth £264,000. The mid-range amount of ground rent was £60 invoiced every twelve months. The lease finished in 2079. Having 53 years as a residual term we estimated the compensation to the freeholder for the lease extension to be within £37,100 and £42,800 exclusive of expenses.