Main reasons to start your Limehouse lease extension

Top reasons for lease extension now:

Increase your lease and increase your Limehouse property value

The re-sale value of a leasehold property in Limehouse is impacted by how many years the lease has remaining. If it is near to or less than eighty years you should anticipate difficulties on re-sale, so it is recommended to arrange for the lease to be extended ahead of buying. It is preferable to start the process of extending the lease is when a lease still has 82 years unexpired so that formalities can be finalised well before the eighty year threshold. Leasehold Reform legislation entitles Limehouse qualifying lessees to acquire a new lease which will be for the current unexpired lease term plus a further term of ninety years. The intention of the valuation is to determine the sum payable by the lessee to the freeholder for the acquisition of the lease extension.

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

It is generally accepted that a residential leasehold with more than one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to all but the shortest lease, the residence will be equivalent in value to a freehold for decades to come.

Lending institutions may not grant a mortgage on a short lease

Banks and building societies are really restricting their approach as regards to homes in Limehouse with short leases. For example you might discover that their lending criteria are stricter and that they adjust interest rates depending on how many years are left on the lease. Some may even refuse to lend completely, so if you wanted to sell, your only options would be to find a cash buyer, or try your luck at auction thus restricting your market.

What makes us experts in Limehouse lease extensions?

Lease extensions in Limehouse can be a difficult process. We recommend you procure guidance from a conveyancer and surveyor with experience in lease extensions.

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 Limehouse lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Limehouse Lease Extension Case Summaries:

Courtney, Limehouse, London,

Off the back of unsuccessful negotiations with the freeholder of her leasehold flat in Limehouse, Courtney commenced the lease extension process just as the lease was nearing the crucial 80-year deadline. The legal work completed in June 2014. The freeholder’s costs were kept to an absolute minimum.

Limehouse case:

Ms Freya Bell acquired a basement apartment in Limehouse in August 2012. The question was if we could shed any light on how much (roughly) price could be to extend the lease by an additional years. Comparable properties in Limehouse with an extended lease were in the region of £233,200. The average amount of ground rent was £60 invoiced quarterly. The lease elapsed on 19 May 2087. Taking into account 61 years outstanding we approximated the premium to the freeholder for the lease extension to be within £22,800 and £26,400 exclusive of fees.